New Hampshire Security Deposit?

[Patrick McCann]

Just close on my first property on 12/21, a duplex in Dover, NH. Working on my first listing along with preparing the unit. I plan to do a month to month lease. Should I take a Security Deposit? I read on a New Hampshire government page the law states that the security deposit must be kept in a special escrow account with a bank or a bond posted with the municipality. Does that mean I could place the security deposit in a savings account as long as I don’t use it for my own personal use? And I understand the law states you must give the tenant a receipt of the deposit. Thanks!