When people move to a new city, they first have to look for an apartment – which usually means providing a rental deposit. A rental deposit savings account offers you an easy way of paying your rental deposit. To open the account, the landlord will either send you an account opening form which needs to be signed by you and the landlord before being sent back to the bank, or you can also visit a bank of your choice to open a rental deposit savings account yourself. In this case too, the landlord will have to sign the application forms. Consequently, neither party can access the money without the other's authorization (except in the event of legal decisions), which means your rental deposit is secure. You can either pay in cash or transfer the rental deposit amount into your account at a later date.
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