Whenever an amount in excess of $5,000 shall be deposited by an applicant for professional services employed by the Township to review applications for development, for engineering inspection fees or to satisfy the guarantee requirements of Subsection 183.1, the money, until repaid or applied to the purposes for which it is deposited, including the applicant's portion of the interest earned thereon, except as otherwise provided in this subsection, shall continue to be the property of the applicant and shall be held in trust by the Township. Money deposited shall be held in escrow. The Township shall deposit it in a banking institution or savings and loan association in this State insured by an agency of the Federal Government, or in any other fund or depository approved for such deposits by the State, in an account bearing interest at the minimum rate currently paid by the institution or depository on time or savings deposits. The Township shall notify the applicant in writing of the name and address of the institution or depository in which the deposit is made and the amount of the deposit. The Township shall not be required to refund an amount of interest paid on a deposit which does not exceed $100 for the year. If the amount of interest exceeds $100 that entire amount shall belong to the applicant and shall be refunded to the applicant by the Township annually or at the time the deposit is repaid or applied to the purposes for which it was deposited, as the case may be; except that the Township shall retain for administrative expenses a sum equivalent to 33 1/3% of the entire amount, which shall be in lieu of all other administrative and custodial expenses.