Thanks for your responses.
Chataara,
what you had pointed out was one of the many possibilities. The same possibility can be seen from Tenant's perspective as Owner is trying to make extra money in terms of interest over 10 month deposits on top of the rent on the pre test of "run away" tenants.
Owners make it a point to capture in the agreement that deposit will be returned with no interest. Many such possibilities can be cited to mint money.
It is not just the owners have such concerns about tenants. Though my intention is not to comprehend the possibilities, but, just think of owners who insist on dealing in cash only to avoid tax on rental income. It could turn out to be a nightmare for tenants to recover deposits from such owners.
I personally think that is exactly where a legal regulation should come into play. Not sure if there is one already at least for the sake of record, but may not be in practice.
Any legal reference is appreciated.
regards
Yenuga
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