If you are planning to study in Germany anytime soon, you need to know about the blocked account; it is a mandatory requirement you need to fulfil as an international student. As per the rules and regulations of Germany, international students are required to open a blocked account and deposit sufficient credit to showcase the evidence during the student visa application process that they have sufficient financial resources to pursue their education in Germany.
A blocked account means the student cannot access the account until he/she enters Germany for pursuing higher education. Through this account, a student can cover his/her costs arising during the stay in Germany including travel pass, accommodation, food, etc. This type of account is blocked and there is only a specified amount that can be withdrawn per month, should the need arise. It is an essential component of the visa application.
Before you open a blocked account, you need to choose a provider/bank that offers blocked accounts for international students in Germany. Once you have shortlisted the provider/bank, please adhere to the following steps to open the account.
Though the Blocked Account is the most common method for international students to prove they have sufficient funds to study in Germany, there are other alternatives as well. You can do so by submitting any one of the following documents:
A student needs to deposit €11,208as the annual requirement into the German blocked account while applying for a student visa to Germany. It has been applicable since 1stNovember 2022. Having the above amount in the German blocked account will prove that the student is financially capable of getting a visa and studying in Germany
To obtain a student visa for Germany as soon as possible, you need a blocked account to get your application approved. For that, you can contact the blocked account providers authorized by the German Federal Foreign Office and who comply with the requirements of the Federal Ministry of the Interior. Earlier, the process of opening a Blocked Account in Germany used to be time-consuming. However, with the help of the latest technology and digital providers, the same task has been simplified and can be done in the least time.
Some of the known Blocked Account Providers are:
The first/foremost step you need to go take when opening your German blocked account is to deposit the required money. The moment the money is transferred into your account in Germany, you will receive a confirmation that your blocked account has been opened with the deposited amount.
Before making any transfer decisions, you must have the correct information if the funds are to be sent to a blocked account in Germany. In the beginning, one desires an option that is simple, efficient, as well as budget – friendly. The power to send and receive money has improved since earlier periods, and there are now additional options besides banks for international money transfers.
Once you get settled at the registered address in Germany, you are eligible to withdraw money from your blocked account. Also, you will not have direct access to your blocked account in Germany, and hence, it is suggested to withdraw money after opening an international student bank account. Your money will be transferred to this account every month from your blocked account. As per current rules, you can withdraw a maximum of €934/month. However, if you have deposited more money than the required amount, you can withdraw more.
To conclude, you need to have a blocked account to prove to the German government that you are capable of covering your expenses while staying in the country. You don’t have to prove the source of Money. Once you transfer the money, you will get a confirmation letter. After you reach Germany and confirm your registered address, you will be able to withdraw the amount. To register your address in Germany, you can go to the Resident’s Office Registration. The bank will need your address to send details of your blocked account.
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Book your Free Counselling Session now!As of October 2022, the annual requirement that must be paid into the blocked account when applying for a visa is 11,208 euros w.e.f 1st January 2023. The student must ensure that they choose a provider that is approved by the German Federal Foreign Office.Most providers offer blocked account and health insurance bundles for carefree preparation.
Deutsche Bank no longer offers blocked account services. Instead ICICI Bank is approved Indian Bank for the same.The stduent should download and fill the form, deposit funds and receive blocking confirmation
In that case, you will get a refund. You will be required to contact the blocked account provider/German consulate in your home country to know what should be submitted to get your money back. Note, the transfer fee is not refundable.
Yes, you can. This is only the minimum requirement to apply for your student visa.
Yes, you will be charged an initial fee by the blocked bank account provider.
Yes, you will be charged a low monthly fee.
No, you can’t since the bank cannot proceed faster with your application.
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