Bank Blocked Account

07 Sep 2017 08:40 0 comments

Normally, all students need to open a BLOCKED BANK ACCOUNT in a German Bank (Deutsche Bank in Germany is the only bank offering it). 

In general, blocked account is opened in the name of the Student him/herself. The money the student deposits in it is used to cover the cost of living, accommodation, any other administrative fees etc. In general this money is to cover the everyday living cost. 

As the Regulation says at the moment, every student must deposit a minimum of 8640€ (This may vary from Embassy to Embassy), which amounts to 720 €/per month. This is the maximum amount a student would be able to withdraw from his account once he has landed in Germany (that's why its called a Blocked account). 

Note: Deutsche Bank is charging a transaction fee of approx. 50€.

Account opening procedure

To open a new account, a student must fill in the Bank formula (Download) from the Deutsche Bank website under Forms

https://www.deutsche-bank.de/pfb/content/privatkunden/konto_international-students-en.html#accordion_10768 

This form needs to be filled in but DO NOT SIGN THEM (ICPF students needs to mention the name of the University - therefore you will find the point  Name of University .)

In most countries the students need to call or E-mail the local German Embassy or consulate and book an appointment and appear on that given day to sign it in front of the official and get it stamped. This application needs to be sent to the Deutsche bank in Germany in a Sealed cover . ICPF students can also send this Bank form to us.

More information on "What is a blocked account? Why you need a blocked account?" etc can be found at your local German Embassy or Consulate website.