Society holding security deposit of interior work

Querist : Anonymous (Querist) 03 February 2024 This query is : Resolved
I am the owner of the flat and society had asked for ₹10,000 security deposit for conducting interior work when I purchased the flat. There was no harm or inconvenience caused at all to any member or society.

Can I ask for interest as per laws on amount that I paid to society as security deposit for interior work carried in my flat. Amount is rupees 10,000 and on hold from last 20 months.

I have been paying monthly maintainence of society without fail from the time of possession.
Recently,I didn't paid maintainence for two months as they were not responding properly for refund of deposit and also maintainence was not being sent to me.
If any month,payment is not done - society charges 1.75% per month compounded interest. So they are asking me to pay the maintainence amount along with interest.
And denying to pay interest to me on security deposit .

What should I do?

Follow Query

Report Abuse

kavksatyanarayana (Expert) 03 February 2024
What are the bylaws about the Security deposit? Did the society give the receipt for the security deposit? Security deposit is different from maintenance charges. Hence you pay the maintenance charges with interest if it is in bylaws.

T. Kalaiselvan, Advocate Online

(Expert) 09 February 2024
Generally there is no interest paid on the deposit of the security amount, but this is different subject to that of the monthly maintenance amount to be paid by every member.
If you want to avoid embarrassing situation of disconnection of power or water supply you may act wisely

Previous

Next

You need to be the querist or approved LAWyersclub expert to take part in this query .

Click here to login now

Ask Query
Unanswered Queries