Indiana has no state cap on the maximum security deposit that may be charged. As such, the Landlord can decide to ask for any amount as a security deposit.
As part of this Agreement, the Tenant will deposit with the Landlord the sum of $ (insert amount) as security for any damage caused to the Premises during the term hereof. The Security Deposit is required by the Tenant upon the execution of this Agreement.
The Landlord will place the security deposit as received by the Tenant into a separate interest-bearing bank account based in Indiana. The details of this account are:
(Name of Bank)
(Address of Bank)
(Bank account number)
(Amount being held)
Upon the termination of the lease and in accordance with Indiana state code 32-31-3-12, the Landlord will refund the security deposit, less any funds retained to cover unpaid amounts or damages, to the property under this agreement within 45 days.