If the premises, whether given on lease or monthly tenancy are not governed by the Rent Act, the amount of security deposit is freely negotiable between the landlord and tenant.

If the premises are governed by the Rent Act, no person shall, as a condition of the grant, renewal, or continuance of the tenancy of any premises, demand, receive, or pay, or offer to pay:
  1. as an advance of rent any amount exceeding the authorised rent, or as the case may be, the receivable rent, for a period of three months
  2. in addition to the rent of such premises, any premium, commission, gratuity or other like payment whatsoever