Students would need the admission letter from a university in Germany to open this account. While Students can open such account in any bank in Germany; in India students can open a block account with any branch of deutsche bank or Kotak Mahindra bank. Once the student travels to Germany, the account is transferred to a local branch near the university. Candidates should keep in mind that this is a mandatory practice applicable to all international students who choose to pursue higher education in Germany.
Once the account is opened, the bank would send a confirmation mail with the details to the German Embassy/ Consulate. This is essential for the student to get a German National Visa.
What is a block account?
According to the prevailing economic conditions as well as the relevant fees structure, every university would request that a monthly sum is provided for the student to facilitate his living expenses in the country as well as for completing his education, this money is deposited in a Block Account. Starting September 1, 2019, this amount has been set at €10,236 for an entire academic year. This amount roughly translates to €853/month. For a student, this amount would cover accommodation, living expenses, and even travel pass costs.
A Blocked Account is a mandatory requirement and simply put, is a closed bank account in a German Bank. It is called closed because it comes with a standing instruction on the maximum amount the student can withdraw on a monthly basis – €853 (as suggested).
What documents are required for opening a German blocked account?
The list of required documents to open a blocked account may vary depending on your nationality and the bank account provider you choose.
With Deutsche Bank, however, you will need these documents to open a blocked account in Germany:
1. An application forms
2. Your valid passport
3. The admission letter from your university
4. A bank statement of your income
5. A prepaid fee
How to open a blocked account at Deutsche Bank?
Until a few years ago the Deutsche Bank has been the only option for international students to open a blocked account in Germany.
Follow these steps to apply for your blocked account at the Deutsche Bank.
3. Arrange an appointment at the German embassy and make sure you have the necessary documents.
4. The embassy will complete legalization formalities and will send them to the bank in Germany.
5. Your application will be processed.
6. The bank will then leave you an email to confirm your blocked account is ready and will attach the details of it.
7. Deposit your money and pay the bank’s initial fee.
8. Finally, the bank will confirm the balance of your account.
Once the Deutsche Bank receives your application, they will inform you when your blocked account is ready to make a deposit. As soon as you receive the confirmation email, transfer the money to blocked account by using the international money transfer services of Orient Exchange and continue with the student visa.
How to withdraw money from your blocked account?
Once you settle at a registered address, you can withdraw money from your blocked amount. However, that you won’t have direct access to your blocked amount in Germany. The only way you can withdraw your money is by opening an international student bank account in Germany where your blocked money will be transferred every month.
Currently, you’re allowed to withdraw a maximum of €853 per month (€10236 =10236/12 =853) unless you’ve deposited more money than the required minimum. This amount of money is transferred from your blocked account to your regular account (or international student bank account) from where you can freely withdraw your money.