Planning on studying in Germany in 2024? A Blocked Account, also known as a Sperrkonto, is an essential need for your immigration application. This account contains funds that demonstrate you have enough money to support yourself during your education. For guidance and assistance, consider consulting with the Best Overseas Education Consultant in India.
But how much money do you really need to deposit? Let's look at the current German Blocked Account balance in 2024.
Minimum Blocked Account Requirement
As of January 2024, the minimum amount needed in your blocked account for a student visa is €11,208 per year (€934 per month). This figure is based on the BAföG rate, which represents the projected annual living expenses for students in Germany.
This has been the normal blocked amount since the most recent increase during the winter semester of 2022/2023. Several factors influence the increase in the BAföG rate, and hence the blocked account amount. These include rising living costs, inflation, and the country's economic situation.
Importance of Blocked Accounts
The blocked account informs German authorities that you have enough money to pay your living expenses for a specific period of time (typically a year). A blocked account demonstrates that you can afford your essential needs such as housing, food, and health insurance.
This alleviates concerns that you would face financial difficulties during your study. As a result, having a suitably funded blocked account improves your chances of a successful visa application. Consulting with the Best Overseas Education Consultant in India can help you navigate this process effectively and ensure that your blocked account meets all necessary requirements.
Receiving money from a blocked account
The barred account prevents access to the entire amount up front. Instead, you will get monthly installments after you arrive in Germany. You will need to open a regular bank account (current account) to which the monthly rewards will be deposited. The typical monthly release is €934.
Important Note: While €934 is the typical sum, you should check with your local German embassy or consulate for any deviations.
Where can I open a German Blocked Account?
There are several platforms and banks that facilitate the opening of blocked accounts for Germany study visa applicants. Some of the popular ones include:
Deutsche Bank
Deutsche Bank is a well-known global bank that offers blocked account services for students intending to study in Germany. The benefits of using Deutsche Bank for a blocked account include:
Established reputation: Deutsche Bank is one of the largest and most reputable banks in Germany and internationally.
Branch network: With numerous branches across Germany, accessing support and services can be easier for students.
Online banking: Deutsche Bank offers comprehensive online banking services, making it convenient for students to manage their accounts remotely.
Process: The application process typically involves filling out an online application form, submitting required documents, and depositing the necessary funds into the blocked account.
Coracle
Coracle is a specialized platform that facilitates the opening of blocked accounts for international students. Benefits of using Coracle include:
Dedicated service: Coracle focuses solely on providing blocked account services for students, offering specialized support.
Online application process: Students can apply for a blocked account through Coracle's website, streamlining the application process.
Multilingual support: Coracle may offer support in multiple languages, making it accessible for students from diverse backgrounds.
Process: Students can apply for a blocked account through Coracle's website by providing necessary personal and financial information, submitting required documents, and depositing the required funds.
Fintiba
Fintiba is a digital platform designed specifically for international students planning to study in Germany. Benefits of using Fintiba include:
Digital platform: Fintiba provides a user-friendly online platform for opening and managing blocked accounts, making the process convenient and accessible.
Integration with visa application: Fintiba's services are often integrated with the German visa application process, simplifying administrative procedures for students.
Additional services: Fintiba may offer additional services such as health insurance for students, providing comprehensive support.
Process: Students can create an account on Fintiba's website, complete the online application form, upload required documents, and deposit the necessary funds into the blocked account.
Expatrio
Expatrio is another digital platform that offers services tailored to the needs of international students. Benefits of using Expatrio include:
Comprehensive support: Expatrio provides a range of services beyond blocked accounts, including health insurance, assistance with visa procedures, and support for finding accommodation.
Transparent fees: Expatrio typically outlines its fees clearly, providing students with transparency regarding costs.
Digital solutions: Expatrio's digital platform simplifies the process of opening a blocked account and accessing related services.
Process: Students can sign up on Expatrio's website, complete the online application for a blocked account, submit required documents digitally, and deposit funds into the account.
When choosing a platform for opening a blocked account, students should consider factors such as reputation, ease of use, fees, additional services offered, and customer support. It's essential to thoroughly review the requirements and processes of each platform to select the one that best fits their needs. For personalized guidance, consulting with the Best Overseas Education Consultant in India can be highly beneficial.
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