German Student Blocked Account

Almost every Indian student wishes to study in Germany for a master’s degree. After securing admission with great hard work, everyone knows the amount of documentation that one has to go through to obtain a German student visa. 

Talking about one such requirement, we are here to explain to you what a “Blocked Account” is and everything you need to know to get one to study in Germany.  

So, let’s get into all you need to know about a Blocked Account: 

What is a German student’s blocked account? 

A Blocked Account (Sperrkonto) is basically a sufficient fund confirming a bank account required by German law for all international students who intend to study at any German University. It stands as proof of your financial stability to cover your expenses abroad. The country that you are applying to wants to confirm that you are financially stable and will not be a burden to the country while you study.

When you receive an admission letter from your chosen German University, you will be applying for a German student visa, which requires tons of papers and files to be submitted. Among the required papers by the German Consulate or Embassy is the blocked account confirmation.

Also known as a “Sperrkonto’” in the German Language, a  blocked account, is a bank account and the reason for its name is that the account holder is not eligible to withdraw the money from the account until they reach Germany. The German Federal Foreign Office approves of the account, and it is only yours!

The minimum amount (Finanzierungsnachweis) for managing expenses while studying in Germany that you block is 10,332 euros for a year. BAföG determines the necessary amount that you should add to your blocked account. This state is responsible for funding for students studying in Germany. If the visa is not approved, then the applicant can also withdraw the amount from the account. 

Also, you should be aware that you cannot withdraw more than the required maximum amount for the month, which is 861 euros. For withdrawal of more amount, you shall have more amount than euro 10,332. The total amount for the year is added when the blocked account is made, no amount can be added later.

You can now find Health Insurance and Blocked accounts amalgamated into a bundle for German Visa by some providers. This is the best option, as both are necessary for the visa.

Why do you need a blocked account? 

Primarily, it is important to have a blocked account for the application for a student residence permit or a student visa to act as proof of the student’s financial status. For international students, it is the best means of proving their status, as they can withdraw monthly and have a stable backup as well. 

The withdrawal amount can not exceed 861 euros per month, whereas the blocked account initially will have 10,332 euros to provide you with your monthly expenses. Each month, you can withdraw only the maximum amount of withdrawal because 10,332 divided by 12 (months) gives 861.

There can be some updates to the blocked account terms and conditions. It’s best to check out the latest information from the embassy or consulate website when applying for a visa.  

When do I apply for a blocked account?

One must apply for the blocked account in a timely manner. The most common complaint of international students is that the confirmation of the blocked account takes quite a while,  causing a lot of delay in their visa application.

It is best to get on with the blocked account application as soon as one receives the admission because banks are overloaded with applications throughout the year and the banking procedure will take a long time to process. 

Although there is not much to worry about, German universities do not give admission letters to all the selected applicants at once, so there is time to process everything. Students are given admission letters on a first-come, first-served basis. 

To accelerate the entire process, you should start choosing your blocked account provider even before you receive the admission letter, it will save you much time, and the whole process of account approval takes about two to three weeks. 

How to Open a Blocked Account?  

You can open a blocked account in Germany by following the following procedure: 

• Get all the relevant information about a blocked account from your consultant 

• Choose the account provider that best suits your needs 
  
• Gather the necessary documents required by your account provider, they may vary based on your contingent bank.
    
• Submit an Online Application for the Account (Only Deutsche Bank lets you download and fill up an online pdf form. Also, only this bank allows you to get the proper legalization at the embassy). 
  
• After submission of the online application, deposit the required funds.
    
• Click on ‘Transfer Now’ under the ‘Blocked Account’.

The funds to be deposited are 10,332 Euros, however, you can extend the amount with the agreement of your native German embassy. Make sure that you choose the country from where the payments are being transferred to the blocked account carefully. Choose ‘India.’ The payment of your deposit will be carried forward with an eligible Indian bank.  

Blocked Account Providers 

By now, you may have understood the importance of the blocked account providers, it is the primary factor determining the amount, you need to deposit to open your blocked account. Other factors include the efficiency of your German embassy in your homeland, your nationality, and document work. 

You must complete all your documents before applying for the account as your application approval highly depends on them. 

Germany has multiple blocked account providers. You can choose from the below list: 

1. Coracle 

2. Expatrio  

3. Fintiba  

4. Deutsche Bank 

Accepted Blocked Accounts in India 

To study overseas in Germany, an Indian student can easily open a blocked account from India. The following is a list of account providers accepted worldwide by all German authorities.

Deutsche Bank 

Fintiba 

The most highly opted Blocked account provider by Indian Students is the ‘Fintiba Bank’, it stands as the majority’s choice for the following beneficial reasons:

• You only need 10 minutes to open your blocked account via Fintiba. 
• Applicants can opt for online application procedures by just submitting their ID card or passport for online application via Fintiba. 
• Additionally, you will also get instant confirmation of your blocked account from your native German embassy as soon as you register. 

These factors add up to the facilities and advantages that a blocked account provider can facilitate applicants with. Consider them before applying. But they still stand secondary, because first and foremost in importance is trust and security. Some of the ways you can check security and trust are:

• By checking whether your account is opened with a fully licensed provider or not 
• By University suggestions for a provider that you should choose from

What happens to your blocked account once you reach Germany? 

Reaching Germany means the hard part has passed, and the easier part comes into play because there are no financial worries to take care of. Now, you can extract 861 euros from the blocked account every month and go through your monthly expenses with ease. 

It will also help an international student get a residence permit in Germany. You own this account for a year. It is all beneficial and necessary.  

All the best for your studies in Germany!  

Conclusion 

For international students seeking higher education in Germany, having a Blocked Account is crucial. It ensures financial stability by providing proof of sufficient funds for a student’s living expenses. 

Opening this account should be done promptly upon receiving the admission letter, to avoid delays in visa processing. Several providers exist for this service, but students should ensure the provider’s legitimacy and security. 

Once in Germany, the account permits monthly withdrawals to manage expenses, ensuring a smooth study experience.