Germany, a popular destination for Indian students looking to pursue higher studies. For students interested in studying in Germany, ICICI Bank Germany, a part of ICICI Bank, has launched a digital and instant Blocked Account.
According to the bank’s press release, ICICI Bank Germany is the only bank to provide students with both an entirely digital “Blocked Account” and a complementary Current Account. It is a significant improvement over current industry practice, in which students often open these accounts with two different financial institutions and can only open a Current Account after arriving in Germany.
In India, a current account is equal to a savings account, and it can be used by students in Germany for their daily banking needs.
This blocked account is a specific sort of account for students who want to apply for a student visa in Germany and this account is only available from banks that have been approved by the German Federal Foreign office.
Students are mandatorily required to keep a certain amount of money to receive a Balance Confirmation Certificate (BCC), a prerequisite for applying for a German Visa.
Without having to visit an ICICI Bank Branch, students in India can open this account online by following the instructions below before submitting their Visa applications.
- Students must complete an online registration with ICICI Bank Germany. After that, the students will receive an email with an authentication link that will enable the application site as well as a secured mailbox for receiving further instructions, updates, and BCC.
- Students can promptly obtain a “Blocked Account” number by filling out the online application form, uploading a copy of their passport, proof of address, and a copy of their college admission/acceptance letter.
- After completing the preceding two processes, students can deposit funds to their ‘Blocked Account’ from any account in India, and they will receive a BCC in their encrypted email and a VISA debit card within one day of receiving the funds.
- After arriving in Germany, students can complete a quick online video identification process and update their local address. This will activate their local bank account and VISA debit card in Germany, allowing them to do local financial transactions.
Students after activating their local bank account and receiving the VISA debit card can take care of their day-to-day banking needs in Germany. In India, ICICI Bank has a good relationship with students and their parents.
Key benefits of the blocked account:
- Fully digital process: Students can open the ‘Blocked Account’ in a fully digital and seamless manner, and receive the account number immediately.
- Debit Card: Before they travel to Germany, students are given a VISA debit card.
- Complimentary local current account: For their daily financial needs in Germany, students are given an extra Current Account as a local bank account.
- Available 24*7: The option to open a ‘Blocked Account’ online is available 24 hours a day, 7 days a week.
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