Germany has maintained the status of a top educational destination for imparting top-notch quality education to the International Students. The 12% of the total student studying in German Universities are International Students. The students from India make up the third largest group of International Students who preferred to study in Germany. According to official statistics, in 2017/18 there were 17,570 Indian students studying in Germany. Today, there are still a great number of students present in India who wish to study in Germany. The frequently asked questions by these Study-in-Germany aspirants are regarding the BLOCKED ACCOUNT.
What is a Blocked Account?
This is a special Account which is required to be opened by International Students who are applying to study in Germany.
What is the purpose of Blocked Account?
This is one of the Visa-Requirement which is asked while applying for your student visa to study in Germany. Through Blocked Account you prove that you have the financial resources (Finanzierungsnachweis) to cover your living expenses in Germany. This is also meant for Job-Seekers Visa applicants.
How much amount I need to have in my Blocked Account?
From 1 January 2020, the presumed annual requirement that must be paid into the blocked account when applying for a visa will increase to 10,236 Euros. This increased amount applies to all visa applications submitted from 1 September 2019.
Why do I need a Blocked Account?
By allocating a certain amount of money that is determined by the German government, to the blocked account, a person willing to reside in Germany for a period of time testifies that he or she is able to handle living and other expenses during that time.
Every month you’re permitted to withdraw 735 Euros to handle your living expenditure while studying in Germany.
Where I can open my Blocked Account?
- Fintiba
- Deutsche Bank
- Kotak Mahindra Bank
What is the Process to Open Blocked Account?
Blocked Account through Fintiba or Deutsche Bank
- Apply Online to apply at Fintiba Bank.
Or
Fill the downloaded PDF Application Form to apply at Deutsche Bank. You’re also required to seek proper legalization at the German Embassy.
- Deposit the required Funds
- Get the Confirmation for your Blocked Account
Document Requirement:
- Application Form
- A Valid Passport of the student applying
- Offer/Admission Letter from University
- Bank Statement for your Income Proof
- Prepaid Fee
Processing Time to get your Blocked Account open:
Fintiba Bank: Less than 10 minutes
Deutsche Bank: Several Weeks
Another feasible option for the Indian Students to open Blocked Account is through Kotak Mahindra Bank.
Blocked Account through Kotak Mahindra Bank
- Choose the Branch of the Kotak Mahindra Bank (make sure the staff is trained with German Blocked Account)
- Submit the necessary Documents
Document Requirement:
- Saving Account Opening Form
- KYC – Know Your Customer
- Passport (Copy)
- Offer/Admission Letter from University
- The email of Indemnity in the bank’s format
- Request to change your status from resident to non-resident, and your Resident Account to NRO.
- Outward Remittance Form
- IP Cheque for INR value equivalent to €8,640
- Student Request Letter
Processing Time to get your Blocked Account open: 15 to 20 Days
In Germany
- You’re required to open account in a Deutsche Bank.
- Request Kotak Mahindra Bank in India to transfer your money to your bank account in Germany
- Withdraw you money as regulated.
- Receive a Call from the Bank to confirm your Details of Account.
Get your money in your Deutsche Bank Account within 4-5 working days.
These are the different processes to open your Blocked Account to study in Germany.
To know more to study in Germany, contact West Highlander right away.