How to Open a Blocked Account with Kotak Mahindra 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. The German government requires a special type of bank account, known as a blocked account, to ensure that students have enough funds to cover their living expenses while studying in Germany. In this blog post we will guide you on how to open a blocked account with Kotak Mahindra Bank.
Why do students need a blocked account?
Students from outside the European Union who intend to study in Germany must have a blocked account. Students must demonstrate to the German government that they have the financial means to pay for their living expenses while studying there. This makes sure that while they are there, students don’t just rely on government assistance.
The current submission requirement is €11,208. The account is locked for a specific amount of time after the money has been deposited. 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.
Why should you consider Kotak Mahindra Bank to open blocked account
When opening a blocked account, there are numerous factors to take into account, including Kotak Mahindra Bank:
- Kotak Mahindra is a Reputable Bank with a wide network range because of which account holders can easily access their money and take advantage of banking services.
- Smooth Account Opening Process.
- Give interest on your blocked amount, till they have your money.
- No upfront fees or processing fees.
- Everywhere in India, you can find a Kotak Mahindra branch.
- The full amount of the deposit would be transferred by Kotak Mahindra Bank into a blocked account at any regional German bank.
These are just a few of the benefits of opening a blocked account with Kotak Mahindra Bank, but it’s always advisable to do your homework, weigh your options, and determine your unique needs before deciding.
Steps to open a blocked account with Kotak Mahindra Bank
In order to open a blocked account with Kotak Mahindra Bank, you must adhere to the following procedures:
Firstly, Gather the required documents: Before beginning the account opening procedure, make sure you have the required documentation on hand. You will typically require the following:
- Valid passport with a valid visa/residence permit
- Proof of address
- Passport-sized photographs
- Foreigner’s Registration Office (FRO) approval letter
- Self-attested copies of all relevant documents
- Go to the Kotak Mahindra Bank branch closest to you:
- Meet with a bank representative and fill out the account opening form: When you get to the bank branch, let the employees there know that you wish to open a blocked account. They will walk you through the procedure and give you the required paperwork.
- Submit the required documents: Give the bank agent the necessary documentation. The documents will be checked, and copies will be saved for their records. Original documentation might be needed for verification.
- Pay the initial deposit: You will typically need to deposit money into your restricted account at first. It is best to speak with the bank person to find out the precise amount because it may change. They will give you the information you need to make the deposit.
- Complete the formalities: The bank agent will walk you through any additional paperwork or formalities that must be done.
- Collect account details: The bank will give you the account information after the account opening process is complete. Save these specifics in a secure place for future use.
- Travel to Germany and Unblock your account
How to unblock your blocked account in Germany
You must meet the particular criteria that caused the blocking in the first place in order to unblock the account. In order to do this, you might need to provide more information, comply with legal requirements, or complete certain criteria. To complete the unblocking process, we advise you to speak with a bank representative.
- You must open a bank account with any bank as soon as you land in Germany at your neighborhood branch. The barred account can now be opened using an online process.
- You will receive two distinct numbers (i) IBAN (similar to your bank account number) and (ii) BIC (equal to the bank Swift code) on your email once you send the completed form along with the necessary documentation.
- Now you can write an email to the bank official who opened your blocked account at Kotak Mahindra Bank in India requesting the transfer of the whole amount to the Deutsch Bank in Germany. Provide your full name, passport number, bank name, bank branch name, telephone number along with your IBAN and BIC in this email.
- After sending the email you will get a telephone call from the Kotak Bank HQs in India. You have to then provide your details again. Be ready with your passport number, IBAN and BIC.
- After this, the banks will initiate the money transfer process, which generally takes 4-5 days to complete.
Remember that the account opening process may vary slightly based on individual circumstances, specific banking policies, and any applicable local regulations. We always recommend that you contact Kotak Mahindra Bank directly or visit their website to obtain the most accurate and up-to-date information before proceeding.
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