German Blocked Account: Everything You Need to Know About Opening a Blocked account in Germany

German Blocked Bank Account: What Is a Blocked Account & Why Is It Needed?

A German blocked bank account is a specialized student financial account established by international students planning to study in Germany. This account serves as evidence that they hold adequate financial resources to cover their living expenses during their initial year of education in Germany. You are permitted to access and utilize this bank account upon your arrival in Germany.

You are required to deposit approximately EUR 10,332 into a blocked account to demonstrate that you have sufficient funds to support yourself in Germany for at least the first year of your studies. Furthermore, a blocked account is a mandatory prerequisite for obtaining a Germany student visa.

Because this is a specialized financial account intended for use in a foreign nation, typical high street banks are unable to offer it. Only a select group of German-approved financial institutions are authorized to let you open a blocked account.

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A blocked account for a Germany student visa is mandatory. This serves as the financial proof you must submit to secure your student visa. Consequently, if you wish to set up a blocked account, you will need to provide the following documentation.

1. University Acceptance letter
2. Passport
3. Passport copies
4. Passport-size photos
5. Bank statements of the account the amount is transferred (This depends on the bank you will create the account in)

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The procedure for establishing a German blocked account can differ depending on the provider, but the fundamental steps outlined below remain largely consistent:

1. Choose the Bank or provider.
2. Apply online through their portal for a blocked account.
3. Download and fill the application form
4. Deposit the funds in the account .
5. Get the confirmation of the blocked amount.
6. Make an appointment with the German embassy
7. Access Your Funds

Students evaluate numerous factors such as security, reliability, accessibility, and the quality of services offered to international students prior to opening a blocked account. The substantial required deposit for a German blocked account directly influences a student's visa outcome. Therefore, selecting the ideal bank for a German blocked account is of utmost importance.

After narrowing down the available alternatives, the dependable financial institutions where you can establish your account include:

1. Deutsche Bank
2. Kotak Mahindra Bank account
3. Fintiba Bank

These are the leading three financial institutions where you can set up a blocked account. Let us examine them in greater detail:

1. Deutsche Bank Blocked Account:

The Deutsche Bank blocked account is recognized as one of the premier and most dependable banking options in Germany for this purpose.

How to Open German Blocked Account with Deutsche?

The necessary procedures to establish a student blocked account in Germany are:

1. Download the application form from their official website.

2. Complete the application form electronically and then print two copies. There are several pages of questions and regulations, so be sure to answer them correctly, and read the instructions carefully. Once you print the application form:

3. Send the following documents to the German Embassy/Consulate to be legalized:

• Your valid passport
• A copy of the Acceptance Letter at your school/university
• A prepaid envelope from a private service provider (FedEx, DHL, UPS, etc.).
• Proof of the source of your funds

4. Submit the documents and a copy of the application form to the German Embassy/ Consulate in your country/nearest to you.

5. The German Embassy or Consulate will send the application to the relevant Deutsche Bank branch in Germany via mail.

6. Once the application has been processed, Deutsche Bank will send you your IBAN and BIC either through your email or registered address. (You select your preferred method of contact at the time of application). This is usually after a few weeks.

7. Transfer the money to the Blocked Bank Account in Deutsche Bank.

8. Once the bank receives your money, they will notify you via email or registered post.

NOTE: If you will open your Blocked Bank Account through this method, make sure to start the process well in advance from the time you intend to arrive in Germany.

1. Kotak Mahindra Blocked Account

If you wish to open a Kotak Mahindra blocked account, you will need to first choose the branch of Kotak you will open the account from (Not all branches open a blocked account).

How to Open German blocked account for Kotak?

Opening a blocked account with Kotak isn’t the simplest process. As it is an Indian bank working with overseas institutions, it has its drawbacks.

For instance, you will need to open a blocked account in Germany after you arrive. After this you will have to get the Germany blocked account amount transferred from India.

However, if you trust the bank, have a look at how to open German blocked account with kotak:

1. Download a form from the Kotak official website.

2. Make sure you are filling out accurate details while in the form. As this is an important step, any err in the form might get you rejected.

3. Along with the form submit-

• A copy of your passport
• German university’s admission letter
• An email of Indemnity using the bank layout (to confirm you hold a genuine blocked account)
• Your application to transition your status from resident to non-resident, along with changing your Resident Account into an NRO account.
• An IP cheque covering the INR equivalent of €10,332.
• A Student Request Letter containing your statement authorizing Kotak Mahindra Bank to place a Debit Freeze on your blocked account until you receive authorization to transfer funds abroad, and agreeing to share your blocked account details upon arriving in Germany.

4. One week later, your bank will send an email verifying that your blocked account is active, specifying the exact funds you have deposited into it.

5. The procedure is not yet finished. Upon arriving in Germany, you must set up a bank account with Deutsche Bank through their online portal, filling out the application accurately and uploading it alongside the requested documents listed on the website.

6. As soon as DB processes your application, they will provide your IBAN (bank account number) and BIC (comparable to a Swift Code), which you can receive via email or postal mail if you have registered a German residential address.

7. Once Deutsche Bank verifies your new account is open, you need to ask Kotak Mahindra Bank in India to transfer your funds to your German bank account so you can withdraw them according to regulations.

8. Around the time they get your email, they will call you to confirm your account details, so keep your IBAN, BIC, and passport ready. Once they gather this data, the transfer will take roughly 4 to 5 days to complete.

1. Fintiba Blocked Account

Fintiba is a specialized provider assisting students with establishing a German Blocked Account. Setting up a Fintiba blocked account is significantly easier than traditional banking procedures, taking only 10 minutes compared to the 10-15 days often required by other banks.

How to Open German Blocked Account with Fintiba?

Follow these steps to establish a Fintiba blocked account:

1. Visit the official Fintiba website.
2. Fill out the application form by answering a series of questions during the registration process, and your account will be established within 10 minutes.
3. Follow the app instructions to upload a digital scan of your passport.
4. Transfer the funds, which may take up to five days depending on your country and the sending bank.
5. Once the money is received, your Blocking Confirmation will be generated and placed in the documents area of your profile.
6. Print out the Blocking Confirmation and keep it with your other German Student Visa paperwork.
7. Present the Confirmation to the German Embassy or Consulate when submitting your visa application.

Even with the details provided, it is normal to feel uncertain about selecting the best bank for a blocked account. Let us compare the three main choices for setting up a German blocked account:

You must set up a blocked bank account right after receiving an acceptance letter from a German university, since proof of finances is essential for obtaining a student visa or student residence permit.

As of 2023, students are required to deposit at least €11,208 when opening a blocked account for Germany.

Students can begin utilizing their German blocked account upon arrival in the country, though full withdrawals are restricted. Instead, you are permitted to withdraw roughly €861 per month to cover living expenses in Germany.

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If your German Student Visa is denied, submit your visa rejection letter to the financial institution managing your blocked account, ensuring the document includes an official stamp from the consulate or embassy to unlock your funds.

To de-block:

1. Provide the visa rejection letter
2. Include a request letter to unlock the account

Following these steps will cause your bank to lift the freeze on your blocked account, allowing you to use it like any standard bank account.

Related Discussion: Can I study in Germany without a blocked account?