Regulatory Alerts2019-12-06
Added · Updated
Bulletin 2911 - December 6, 2019
The Connecticut Banking Commissioner sets the deposit index for calendar year 2020 at 0.15%. This index determines the minimum interest rates for rental security deposits and claims for funds delivered to the State Treasurer, both set at 0.15%. Mortgage escrow accounts must earn at least 0.20%, while security deposits for public service and telecommunications customers must earn at least 1.5%. These rates apply from January 1, 2020, through December 31, 2020.
State of Connecticut Department of Banking
The Department of Banking News Bulletin
Bulletin # 2911 - Week Ending December 6, 2019
This bulletin constitutes the only official notification you will receive from this office concerning any of the following applications. Any observations you may have are solicited. Any comments should be in writing to Jorge L. Perez, Banking Commissioner, Department of Banking, 260 Constitution Plaza, Hartford, CT 06103-1800. Written comments will be considered only if they are received within ten business days from the date of this bulletin.
DEPOSIT INDEX AND INTEREST RATES
Pursuant to Section 36a-26 of the Connecticut General Statutes, the Commissioner has determined the deposit index for the calendar year 2020 to be 0.15%.
The following rates are for the period commencing January 1, 2020 and ending December 31, 2020. The type of account and statutory reference are listed along with the rate.
Calendar Year 2020
Account
Statutory Reference
Interest Rate
Rental security deposit
47a-21(i)
0.15%
Claims for property, funds, or money delivered to the State Treasurer
3-70a(e)
0.15%
Mortgage escrow accounts
49-2a (section requires that the interest rate be not less than the deposit index, rounded to the nearest one-tenth of one percentage point)
0.20%
Public service company, certified telecommunications provider and electric supplier customer security deposits
16-262j(c) (section requires that the interest rate be not less than the higher of the deposit index, rounded to the nearest one-tenth of one percentage point, or 1.5%)
1.5%
PLEASE NOTE: The interest rates provided herein are done as a convenience to the public; the Commissioner has no authority to establish interest rates beyond what is provided in statute. Accordingly, parties required to pay interest under these sections must ensure compliance with the applicable statute(s).
Dated: Tuesday, December 10, 2019
Jorge L. Perez Banking Commissioner