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Everything you need to knowHowtoStudy Abroad in Germany

How to Open a Blocked Account with ICICI Bank: Everything You Need To Know

How to Open a Blocked Account with ICICI Bank: Everything You Need To Know

If you’re a student planning to study in Germany, one of the essential requirements you need to fulfill is to open a blocked account. A blocked account is a special type of bank account that is required by the German government to ensure that students have enough funds to cover their living expenses while studying in Germany.

The German Federal Foreign Office has recognized ICICI Bank as a provider of blocked accounts, thus the Indian Embassy or Consulate will accept it. It is an option for Indian students wanting to study in Germany. In this blog post, we will guide you on how to open a blocked account with ICICI Bank.

Why do students need a blocked account?

A blocked account is a mandatory requirement for non-European Union students who wish to study in Germany. The German government requires students to prove they have enough financial resources to cover their living expenses while studying in Germany. This ensures that students rely on something other than government funds during their stay. 

Currently, the amount to be submitted is €11,208. After the amount is deposited, the account is locked for a certain period. The account holder can only access the money after the lock-in period expires or when they arrive in Germany and provide the necessary documentation. 

Should you choose ICICI Bank?

Choosing a bank is an individual process, and it is important to the pros and cons of choosing this bank. One of the main advantages is that the opening process is quick and is completely online. Students also receive their debit cards while they are still in India which makes it easier to access your money when you reach Germany.

One of the disadvantages of using ICICI Bank for opening a blocked account is that it has a slightly higher opening fee of €150. This fee is also not compensated if the visa application is denied. There is also the drawback of not having a combined blocked account/health insurance package since you are dealing directly with a bank. 

Steps to open a blocked account with ICICI Bank

To open a blocked account with ICICI Bank, follow these steps:

Step 1: Visit the ICICI Bank website and click on “Open Account” button.

Step 2: A dialog box will open. Click on “Register” to create secure mailbox.

Step 3: Once you register, fill out the application form and upload the necessary documents, such as a valid passport and residence proof. 

Step 4: Once you fill out the form & you will instantly receive the IBAN or the account number.

Step 5: Make the payment of at least €11,208 through a wire transfer or a demand draft. Note that because it is a wire transfer, the money can take from 1-5 days to reach the account. 

Step 6: Once the money reaches our account, the bank will send an online Balance Confirmation Certificate as proof that you have successfully opened a blocked account. You will also have to submit the certificate to your embassy for the visa. 

Step 7: The bank will send a VISA Debit Card within 10 days of the wire transfer. 

Step 8: Update your residence proof or Germany address and complete KYC once you reach Germany.

Keep in mind, since this is a blocked account you cannot use the money until you activate it from Germany. And when you do, you will have access to €934 per month. 

 

How to unblock your account once you reach Germany?

To unblock your account once you reach Germany, follow these steps:

Step 1: Visit the bank’s local branch and provide your identification documents.

Step 2: Submit the necessary documentation, such as a copy of your visa and admission letter.

Step 3: After the bank verifies your documents, they will unblock your account, and you can access your funds.

Opening a blocked account with ICICI Bank is a simple process. However, it’s important to note that the process of unblocking your account after reaching Germany can take some time, so it’s essential to plan accordingly. By following the steps mentioned above, students can easily fulfill the requirements for their stay in Germany without any financial worries.

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