What is a Blocked Account in Germany?
A Blocked Account is a special account in the Federal Republic of Germany which serves foreign students as evidence of sufficiency of their financial means for their stay period. It is made mandatory by German embassy for all type of travelers who wish to relocate to Germany for various purposes like education, job etc.
A Blocked Account in Germany is a special account in the Federal Republic of Germany which serves foreign students as evidence of sufficiency of their financial means for their stay period. It is made mandatory by German embassy for all type of travelers who wish to relocate to Germany for various purposes like education, job etc.
It is a financial proof to get a student visa for Germany. This implies that the student needs to be in the position to secure living expenses for the period of studies in Germany. At the time of application for a visa, the students need to prove a monthly allowance of at least € 853.00 for the first academic year of the studies (in total € 10,356.00). The easiest way to do so is by opening a blocked account in Germany. It is a special form of bank account, which is used by students to demonstrate proof of sufficient financial means to afford their studies in Germany. With our blocked account partner ‘REMITX’, students can open the account completely online and in the fastest way possible. Duration and blocking amounts can be set according to the requirements of embassies or local foreign authorities. Money which is deposited in this account cannot be withdrawn until the arrival in Germany to secure financial stability.
How financial institutions work?
Germany has several types of public financial institutions, including credit and personal checking institutions and cooperative banks. Under public law, credit institutions operate as savings banks, and the state banks act as central banks and clearing houses for the savings banks and focus on regional financing. One of the most used criteria is a German Blocked Account.
As part of your student visa application, you are required to provide proof of sufficient funds to cover your living expenses in Germany. One option to fulfill this requirement would be to open a blocked account at a branch of Kotak Mahindra Bank in India.
You can contact any branch of Kotak Mahindra in India and request opening of a German blocked account for a student visa for Germany. You will have to present proof of opening such an account at the time of applying for your visa. After having arrived in Germany, you can request Kotak Mahindra Bank to transfer the full deposited amount into a blocked account at any local bank in Germany.
How to Activate a Germany Blocked Account?
Please submit the e-mail confirmation regarding the activation of your account and the transfer of the amount of at least 10236.00 Euro at your visa interview. You can also open a blocked account at a bank in Germany. Currently, two banks in Germany, Deutsche Bank, Coracle, & Kotak Mahindra Bank offer this service to students prior to their arrival in Germany.
For attestation you need to submit:
- Your passport
- A copy of your passport’s data page
- The account opening form (filled out, but not signed)
- Your admission letter, if applicable