Thursday, 15 November 2018

How to open a blocked account in Kotak Mahindra Bank for German visa

How to open a blocked account in Kotak Mahindra Bank for German visa?

Germany Map

As we all know that for going to Germany to study, we need a blocked account of 8460 euros. This money is blocked by our bank and we receive 720 euros/month after reaching Germany in our local bank. This is done to ensure that you have financial support after reaching Germany.

You have got 3 options to open a blocked account for a German visa:

  1. Kotak Mahindra Bank
  2. Fintiba
  3. Deutsch Bank

In this post, we will talk about opening a blocked account with Kotak Mahindra Bank.

Documents needed for opening a blocked account in Kotak Mahindra Bank.

Kotak Symbol

  1. Passport
  2. University enrollment letter
  3. 1000 rupee stamp paper ( Empty)
  4. Passport size photo
  5. Money in form of a check.
Take all the above documents with you to the nearest main branch of Kotak Mahindra Bank. I am saying the main branch because in most cases small branch doesn't have experience of opening a blocked account or may they have never heard of anything like that before.

Submit all the documents and after that, they will ask you to sign some other documents. After doing this your work is over and now their work starts. So after 5-7 Days they will send you a mail or contact you that your blocked account is ready.

Then visit the branch to collect your blocked account letter. This is the letter which you will show at the time of your visa interview as proof of your finance.

Some Keypoints to remember

 

  1. Take your sponsor with you to the bank(Sponsor is the one who is paying those 8640 euros for your blocked account). As you will need his signatures on the check.
  2. Always have 100 euros extra added to 8640 euros. This is because of the exchange rates, who knows may the euro rises the next day. So you will have to go through the process all again.

 

What to do after reaching Germany?

German Bank

  1. After you will reach Germany.  You will have to do the city anmeldung or city registration (How to do Anmeldung after reaching Germany?). 
  2. Then open a local student bank account in any bank.
  3. Write an email to Kotak Mahindra Bank and ask them to transfer the whole money to your local student account.
  4. Then they will transfer all the money to your local bank account.

Once the money is transferred, inform your local bank in Germany to make that student account into a blocked account so that you can only withdraw 720 euro a month to meet the criteria of blocked account.


This will help you with the visa extension.

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