Germany is still one of the top destinations for overseas education. With its free education system, more than 250 well-known higher education institutions with over 10,000 study options, and professional faculty in every university, Germany continues to attract the most talented students from around the world. Students from most countries, excluding European Union, Norway, Switzerland, etc., require a German student visa in order to be able to continue their studies in Germany. Read more about Blocked Account Germany Amount required for International Students and procedure to open a blocked account for Germany.
There are certain needs that a student must fulfill to be eligible for a Germany Student Visa. One of them is providing the documents of a Blocked Bank account as evidence of your financial capabilities to live in Germany. Many students are confused by the term “Blocked account” and fail to comprehend its meaning. The requirement, however, is very logical, and although at first may seem like a daunting one to meet, once you’ll discover that this is a requirement that is only for your own personal benefit.
In this article, we’ll also discuss what a German Block Account is, why students who plan to move to Germany should have one, how to create one, and how it will benefit you during your later study times in Germany.
What is a Blocked Account for Foreign Students?
An account with a blocked is a specific type of bank account that is specifically designed for foreign students studying in Germany for depositing the amount required to cover their expenses for the duration of one year. It is used as proof of an applicant’s financial capacity in applying for a German Student Visa.
A Blocked Account can also be required when applying for:
- A Residence permit for students who don’t need to obtain an entry visa to Germany like the students from the European union, USA, Switzerland, etc
- A job seeker Visa permits students to remain within Germany up to six months and search for the perfect job.
It is necessary to create an account that is blocked immediately after receiving your university’s admissions letter. This is required to show that you can provide financial support for yourself for the first of your study in Germany. You are able to open a bank account from the home country too. From 2022, the minimum amount to be deposited into the Account blocked by the bank amounts to €10,332 Euros. After the student has started his or her first academic year in Germany and is enrolled in the German university, they is able to withdraw a sum of EUR 861 every month.
How to Open a Fintiba Blocked Account for Students?
Haven’t Opened Your Germany Blocked Account Yet? Fintiba Is One Of The Easiest Ways To Open a German Blocked Account.
For example, they can assist you in opening a regular bank account where your blocked money will be transferred regularly and offer various insurances. Fintiba acts as an intermediary party between you and Sutor Bank, where your student blocked account is opened.
In India, The Blocked Account is usually opened through Kotak and Deutsche bank. However, recently, they’ve launched a new method to open a bank account, and it is via Fintiba. It is worth noting that Fintiba will be more well-known in Germany than Sutor. If you don’t need time, you can go with Fintiba. You can choose Deutsche bank if you prefer to follow the usual procedure.
How to Open a Blocked Account in India for Student Visa?
Students will require an offer letter from an institution in Germany to open this account. They can open an account with all banks in Germany; however, in India, students can open a Blocked Account in the branch nearest to them of Deutsche Bank or Kotak Mahindra Bank. After the student reaches Germany, the account will be transferred to a branch close to the university. It is important to remember that it’s a compulsory procedure for students from all over the world who decide to study in Germany. Because of the large number of funds involved, it is advised that students be fully involved in the whole procedure.
It is important to note that some banks are not legally regulated to run Blocked Accounts; therefore, there could be banks that don’t offer this service. The applicants can inquire with a university representative to get the bank’s list near the campus and offer Blocked Account services. In case of doubt, contact any study abroad consultants for Germany in Kerala or near your locality.
Documents needed to opena an account in Germany.
- Application Form
- Valid passport
- Admission letter from German University
- A bank statement to confirm that you have the necessary amount of cash to open a block account
- A prepayment fee
Note: You may be asked to submit additional documents, depending on the bank you use and the country of your origin.
How to Unblock Blocked Account in Germany?
Here are a few details about blocking accounts within Germany, which might be interesting to those who want to travel to Germany for overseas education
- The candidates can open a blocked account with one of Deutsche Bank or Kotak Mahindra Bank in India.
- The bank will transfer the money to the nearest bank branch where you plan to study.
- While the minimum requirement to submit a Visa Application is EUR10,332, the banks may need you to deposit an additional amount. However, this is an individual decision, and you should check with your local bank branch to get clarification about the additional amount.
- A student can withdraw EUR861 per calendar month from the blocked account while in Germany.
- A blocked account could take up to one month during the admissions season to be active. Students are therefore advised to open the account at the earliest.
- The bank will send a confirmation email with the German Embassy or Consulate account details when the account is officially open. The confirmation letter from the bank is mandatory for German Student visa approval.