Many students considering pursuing higher education in Germany because of affordable costs of living, low tuition fees, better career prospects, and globally recognised courses. An international student who belongs to a non-EU country and plans to study abroad in Germany needs to provide sufficient financial resources to cover your stay in Germany. For this purpose, Blocked Accounts are accepted as standard proof of your finances to manage the first year of your studies.
Let’s know all about the German Blocked Accounts for International Students, the minimum balance required, the list of accepted blocked account providers to get a visa in Germany, how to open it, and how to withdraw money from a blocked account. Read on to find out.
Table of contents
- What is a Blocked Account for International Students?
- List of accepted Blocked Account Providers for a Visa in Germany
- How To Open A Blocked Account?
- Documents Required to Open a Germany Blocked Account for International Students
- How To Withdraw Money from a German Blocked Account?
- FAQs on Germany Blocked Accounts for International Students
Also Read: Examine the core benefits of Sparkasse Bank Account for international students studying in Germany.
What is a Blocked Account for International Students?
A blocked account is an account for non-EU international students in Germany to prove that students will be able to manage their first-year finances. They are required to send EUR 11,208 per year (INR 10 lakhs per year) wherein this amount is blocked in the bank account until the student arrives in Germany. They would be allowed to withdraw EUR 934 (INR 85,000) per month to meet their living expenses.
This is similar to a GIC account in Canada. International students who pursue higher studies in Canada are required to open a GIC account to prove that they have adequate funds to meet the expenses. It also acts as an investment certificate.
List of accepted Blocked Account Providers for a Visa in Germany
There are certain providers that help with Germany Blocked Account for international students. We will help you with the list of accepted and special banks and providers that provide special offers for students.
- Deutsche Bank
- Drop Money
- ICICI Bank
- Kotak Mahindra Bank
How To Open A Blocked Account?
It is mandatory to open a Blocked Account. Without it, your visa to Germany will not be approved. So, an individual must open this account. But how? Let’s us help you with the steps to open a blocked account.
Firstly, you must enquire the German embassy and consult which type of blocked account is required. Students can open a blocked account in India with any branch of Kotak Mahindra Bank or ICICI Bank. Once you travel to Germany, this account is transferred to a local branch in Germany near your university.
Another way to open a blocked account is to choose the provider you want to open a bank account with. You can refer to the list of accepted blocked account providers (as discussed above), visit their website online, and fill out the application form. Once the application is processed, you will receive the IBAN/ BIC. Using this, you can transfer money to your Germany blocked account by following these tips for international money transfers. Finally, you will receive a confirmation statement from the provider. You need to present it to the German embassy and wait for them to finalise your visa application.
Documents Required to Open a Germany Blocked Account for International Students
Following is the list of documents that all aspiring students applying for a German Visa must keep ready. This will help to ease the process of opening a blocked account and fill out the application form faster-
- Passport size photographs
- Valid passport
- Admission letter from a respective school, college, or university
- Any national ID proof
- Application form
- Receipt of prepaid fee
Also Read: Check out some compelling reasons why you should consider the Central Bank of Germany for opening an international student account.
How To Withdraw Money from a German Blocked Account?
To withdraw money from your blocked account, you need to have an international bank account in the country because you cannot directly access the blocked account. In that international bank account, money from your blocked account will be transferred every month. You are allowed to withdraw a maximum of EUR 934 per month (INR 85,000).
FAQs on Germany Blocked Accounts for International Students
A blocked account is an account that international students studying in Germany need to open to prove that they have enough financial funds to sustain themselves throughout the first year of their studies.
The money needed for a blocked account is based on the minimum amount required to live in Germany for a year – in 2024, that is EUR 934 per month or EUR 11,208 per year.
Yes, the Blocked Account is necessary if you want to get a German student visa as it is one of the important means to prove your finances.
You must show a minimum of €11,208 per year in your Blocked account which is equivalent to INR 10 lakhs.
Fintiba is the only provider to offer the blocked account at a German bank with German deposit protection which makes it a better option to consider opening a blocked account in Germany.
No, a blocked account needs to be valid for 12 months. Extending it for a longer duration is possible after the completion of one year.
This was all about Germany Blocked Accounts for International Students. Check all the terms and conditions properly before opening the account.
To know more about education loans, the loan application process, the best bank accounts for students, forex and banking experience for global students or international money transfers, reach out to our experts at 1800572126 to help ease your study abroad experience.
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