Overseas Bank Account

It is highly recommended to open a student bank account in the EU country where you will be pursuing studies. There are several reasons why you should bank locally when you are abroad:

You will have to pay high charges on every transaction for withdrawing money from the debit/ATM/credit card of your home country.
It will be easy and cheap to transfer money between the bank accounts of your home country and EU country.
If you receive scholarship, allowances or any other payment from the university, government or other institutions/people, you will need a local account for credit.
If you have to write a cheque or transfer money digitally towards rent or any other living expenses, you will need a local account for transactions.
In case of any financial aid requirement or issues, it will be convenient to seek the support of a local bank.
A local bank account establishes your credibility as an international student in that EU country.

Opening New Bank Account

Opening a new bank account is fairly an easy process in all EU countries. Usually, most universities have tie-ups with local banks to open bank accounts for their foreign students. In case your university has no such facility, you can opt for any local bank, preferably near your campus or place of stay. You should choose a bank that has been recommended by someone you trust, has a good reputation in that country and offers student-friendly facilities. You will be required to fill a bank account opening application form and submit the copies of the following documents:

Passport with a student visa.
Letter of confirmation of your admission from the university.
Local documents that act as your identity and address proof in the EU country. For example, rent agreement, utility bills or personal social security number.
Identity and address proof from your home country.

The documentation may vary to some extent from one bank to another and one EU country to another.

In case of Germany, the visa consulate will ask you to open a Block Account (SperrKonto) during the visa process and provide proof of amount deposited in the account to ensure you have enough money to finance your studies. If you are an Indian student, you can open an account in Kotak Mahindra Bank in India or directly with Deutsche Bank in Germany. Know more about opening block account. Link

Germany

Opening a bank account for student is a simple process. Some countries allows you to open a provisional bank account for students before you travel to the country. Banks in DACH region offer special accounts for students with less monthly fee or even completely free. We have collected trusted list of banks offering their services for students.