(1) The security deposit to be paid by the tenant in advance shall be such as may be agreed upon between the landlord and the tenant in the tenancy agreement, which shall –– Security deposit.
(a) not exceed two months’ rent, in case of residential premises;
and
(b) not exceed six months’ rent, in case of non-residential premises.
(2) The security deposit shall be refunded to the tenant on the date of taking over vacant possession of the premises from the tenant, after making due deduction of any liability of the tenant.
CHAPTER IV RIGHTS AND OBLIGATIONS OF LANDLORD AND TENANT
12. The tenancy agreement shall be signed in triplicate by both the landlord and tenant, and one each of such original signed tenancy agreement shall be retained by the landlord and tenant and the third shall be submitted to the Rent Authority in the manner as specified in Section 4(1).
Original tenancy agreement to be retained by landlord and tenant.