Planning to study in Germany in 2024-25? A German blocked account (Sperrkonto) is one of the essential steps in your journey! It serves as proof of financial resources required for your student visa and ensures you have adequate funds to cover your living expenses in Germany. For 2024, the minimum amount to be deposited in your blocked account for Germany is €11,904 (₹10,61,729), equating to a monthly withdrawal limit of €992 (₹88,477). Understanding these requirements will help you know the process smoothly and focus on your academic dreams in one of Europe’s top study destinations.
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What is a German blocked account?
A German blocked account is a special type of bank account to prove that international students have sufficient financial means to support themselves during their studies in Germany. The funds deposited are "blocked," meaning they cannot be fully accessed immediately but are released in monthly installments. This ensures that students have a steady flow of funds to cover their living expenses throughout the year.
Who needs a blocked account in Germany?
International students from non-EU or non-EEA countries planning to study in Germany typically need to open a blocked account as part of their visa application process. This account serves as proof of financial stability, a crucial requirement for obtaining a German student visa or residence permit. Even students from countries that do not require a visa to enter Germany may need a blocked account to secure a residence permit.
Steps to open a blocked account in Germany
Follow these steps to open a German blocked account:
Online application: Complete the application form on the provider's website.
Identity verification: Upload a copy of your passport and other required documents.
Receiving account details: Once your application is approved, you'll receive your International Bank Account Number (IBAN).
Transferring funds: Deposit the required amount (€11,904) into the blocked account.
Receiving confirmation: After the funds are received, you'll get a blocking confirmation document to use for your visa application.
How much money do I need in blocked account in Germany?
The required amount to be deposited into the blocked account for Germany has been set at €11,904 (₹10,63,872) for the first year of study, effective from September 1, 2024. This equates to a monthly withdrawal limit of €992 (₹88,656), aligning with the estimated living expenses for students in Germany. This amount is based on the BAföG rate, Germany’s financial aid program for students.
Costs associated with blocked accounts Germany
In addition to the €11,904 deposit, providers may charge:
Account setup fee: A one-time fee to open the account.
Monthly maintenance fee: An administrative fee for account maintenance.
Buffer amount: An additional amount to cover currency exchange fluctuations and bank fees.
Alternative proof of financial resources
While the German blocked account is a common method to demonstrate financial means, there are alternative options:
Parental income documents: Proof of your parents’ financial status to show they can support you.
Scholarship certificate: A certificate from a recognised scholarship provider confirming you have secured funding.
Letter of commitment (Verpflichtungserklärung): A formal document where a permanent resident of Germany (relative or friend) commits to covering your expenses.
Bank guarantee: A guarantee from a bank ensuring that your financial needs will be met.
How does a German blocked account work?
The process of using a blocked account involves several steps:
Opening the account: Before traveling to Germany, you open your account and deposit the required amount into it. This step is important because it shows the authorities you have enough money to live in Germany for a year.
Applying for a residence permit: When in Germany, you must apply for a residence permit at the Ausländerbehörde (Immigration Office) within three months of arrival.
Opening a local bank account: Upon arrival, one of your first tasks is to open a student/current bank account at a local bank. This account will serve as the destination for your monthly funds.
Activating your account: You already opened your blocked bank account before traveling to Germany, but now that you have your residence permit and current/regular account, you must activate your account on your provider’s website.
Withdrawing funds: Once your account is activated, you can withdraw up to €992 (₹88,656) each month through your current account. This is part of the initial €11,904 (₹10,63,872) you deposited, calculated to cover your monthly living expenses.
Remaining balance: Every month, when €992 (₹88,656) is transferred to your current account, it reduces the total amount in your blocked bank account. Starting with €11,904 (₹10,63,872), after the first transfer, you’ll have €10,912 (₹9,75,216) remaining. With each subsequent monthly transfer of €992, the remaining balance decreases accordingly, ensuring you have enough for up to 12 months of living expenses in Germany.
Choosing a blocked account provider
Selecting a reputable blocked account provider is crucial. Factors to consider include:
Acceptance by German authorities: Ensure the provider is recognised by German embassies and immigration offices.
Processing time: Depending on the time you have until your visa appointment is due, we advise you to choose the faster option.
Additional services: Some providers offer packages that include health insurance and other services beneficial to international students.
Fees: Compare the setup and monthly maintenance fees among providers.
A German blocked account is a vital financial requirement for international students aspiring to study in Germany. It ensures that students have adequate resources to cover their living expenses during their stay. With the updated required deposit of €11,904 for 2024, it is crucial to plan ahead and choose a reliable blocked account provider.
By understanding the process, costs, and benefits of the blocked account, students can streamline their visa application and focus on preparing for their academic journey in Germany. This financial tool not only demonstrates your commitment to living responsibly in a new country but also provides the security and assurance needed for a successful study experience.
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