Germany has always been a country that Indian students flock to especially for education in Automotive Engineering, Life Sciences, Mathematics, Economics etc. To study in one of the best countries, students are required to meet certain academic and visa-related requirements. One of the most basic requirements to secure a German Student Visa and seal your chance at studying in the Old Reich dwindling is to open a blocked account for Germany. A blocked account is used as proof of funds for an international student.
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What is a Blocked Account?
A Blocked Account is a special bank account that Indian students have to open in German banks to prove that they have the financial means to support themselves when studying in Germany. As a student who has been accepted into a German university to study a full-time program, you must open a blocked account before you apply for the student visa. You have to open a blocked account and then deposit a sum of 10,332 euros or INR 8.66 lakhs (as per the recent exchange rate). This will satisfy the authorities of your financial means to support yourself for the first year of studies.
Can you withdraw money from the Blocked Account?
Of course, you can withdraw the amount once you have been granted the student visa and student residency permit. To initiate withdrawal of the 10,332 euros that you have deposited in the blocked account, you have to open a current account in Germany. The bank with your blocked account will allow you to withdraw or transfer less than or equal to 861 euros or INR 72,214 per month. You can either withdraw the monthly amount little by little or 861 euros at one time.
Must Read: FREE Education in Germany
How to Open a Blocked Account with Fintiba
When it comes to the bank for the Blocked Account in Germany, Fintiba is a market leader. Almost every international student uses Fintiba as it opens a blocked account in just 10 minutes. All you need is a passport copy.
Here’s a step-by-step guide for opening a blocked account in Germany with Fintiba-
- Find the application form for the blocked account on the Fintiba Website
- The online application form will ask for your details and identification proof (passport copy). The entire process will take no more than 10 minutes.
- Deposit the amount of 10,332 euros in the blocked account you just created and Fintiba will send a confirmation mail for the same.
- Keep a copy of the Fintiba confirmation mail with you when you go to the German Embassy for the visa application.
- You can access your funds once you are in Germany but before that, you will have to upload certain documents with the Fintiba account to withdraw.
- You have to pay an application fee of 89 euros or INR 7,464 for opening the blocked account with Fintiba
That’s how easy it is to open a blocked account in Germany with the Fintiba bank.
Open a Blocked Account with Deutsche Bank
Another great option to open a Blocked Account for Germany is the Deutsche Bank. Deutsche is one of the most trusted and global banks in Germany with a strong presence in India. Therefore, your second best choice would be the Deutsche Bank.
The process of opening a Blocked Account for Germany with Deutsche Bank can take 2-3 weeks or more.
You have to first download the application form for Blocked Account on the Deutsche website and fill out all the details without any mistake. Secondly, you must print out the two copies of the form- one to submit to the German embassy and the other for yourself.
Now, India has 29 branches of Deutsche Bank therefore you can straight away take your application form, acceptance letter and passport copy to the bank. You will receive a notification via mail that your blocked account has been opened. The cost of opening a blocked account for Germany with Deutsche Bank is 20 euros or INR 1,677.
Other Ways to Open a Blocked Account for Germany
While Fintiba and Deutsche Bank are the most popular options for opening a blocked account, there are other options you can consider as the other German banks like Expatrio or Coracle. However, ensure the following conditions before opening a blocked account in Germany-
- A blocked Account by a certain bank is accepted by all authorities in Germany.
- It is a fully licensed bank in Germany.
Can you study without a Blocked Account in Germany?
Yes, absolutely! Opening a Blocked Account is just one of the ways of proving that you are financially capable of living as a student in Germany. You can provide evidence otherwise in the following ways-
- Document of your parent’s financial status and income
- Scholarship Certificate (if you study on a scholarship)
- Bank Guarantee (if you study on a bank loan)
- Letter of Commitment (if a German citizen commits that he/she will cover your expenses while you are in Germany)
International students and job-seekers who wish to apply for the visa have to open a blocked account for Germany.
You are supposed to transfer 10,332 euros or INR 8.66 lakhs (as per the recent exchange rate) once you create a blocked account.
As soon as you receive a letter of acceptance from a German university, you should start the process of opening a Blocked Account for Germany.
You can withdraw the amount deposited in the blocked amount when you land in Germany and complete the documentation.
No, you are allowed to withdraw a maximum of 861 euros or INR 72,214 per month throughout the year.
Must Read: Sponsorship Letter for Visa
A blocked account for Germany is an essential part of the application process and visa approval. If you want to apply to multiple universities hassle-free then download the Leverage Edu app or call our Leverage Edu experts at 1800 572 000 to get started on your application!