Indian students can open a blocked account that’s required for the German student visa at ICICI Bank. The ICICI blocked account for Indian students is a favourable option as you get both a blocked and a current account at the same time and you work directly with a bank.
In this article
- Should I Open a Blocked Account With ICICI Bank?
- How to Open a Blocked Account With ICICI Bank?
- How to Activate an ICICI Bank Blocked Account?
- Document Checklist for Blocked Account at ICICI Bank
- Do You Get a Current Account With ICICI Bank?
- Cost of Blocked Account With ICICI Bank
- How Long Does It Take to Open a Blocked Account at ICICI Bank?
- How to Transfer Money to ICICI Bank Blocked Account?
- Can Someone Else Transfer the Money on My Behalf?
- How Much Money Should I Transfer to ICICI Bank?
- Will ICICI Bank Return My Money if My Visa Is Rejected?
- How to Close My ICICI Bank Blocked Account?
- Can I Extend My Blocked Account at ICICI Bank?
- Can I Get Student Health Insurance With ICICI Bank Blocked Account?
Here are the benefits and drawbacks of opening a blocked account with ICICI Bank:
|The process of opening the account is entirely online, including the document submission.||At €150, the opening fee is a little higher than from other providers.|
|Relatively quick opening process.||If your visa is rejected, you will not be reimbursed the opening fee.|
|ICICI Bank is acknowledged by the German Federal Foreign Office as a provider of blocked accounts, so it will be accepted by the Embassy/Consulate in India.||Since you are working directly with a bank, you can’t get a joint blocked account/health insurance package.|
|You get a current account and a debit card while you are still in India. This saves you effort after arriving in Germany and makes for a more streamlined process towards accessing your money.||Only available to Indian students.|
You can open a blocked account with ICICI Bank entirely online. The step-by-step process is as follows:
- Open an account on the ICICI Bank website. Click on the “Open Account” button and you will be redirected to the registration page.
- Complete the online application form.
- Upload scanned/electronic copies of the required documents.
- Within 2-3 days, ICICI Bank will open the blocked account. After opening the account, the bank will send you the account number (IBAN) where you have to transfer the money.
- Transfer the funds to the IBAN you received from the bank. Make sure you make the transfer from another bank in your name.
- Wait for the money to reach the account. Taking into account international transfer time, this can take another 1-5 days.
- Get your Balance Confirmation Certificate. After the money reaches your blocked account, ICICI Bank can issue a document This certificate serves as proof you have opened a blocked account and transferred the money.
- Submit the Balance Confirmation Certificate to the Embassy to apply for the visa.
- Receive your debit card. Within 7-10 after the money transfer, the bank will send your debit card to your address in India. You cannot use it until you arrive to Germany and activate your blocked account.
- Travel to Germany and activate your blocked account.
- Start receiving your monthly payouts of €861.
Once you arrive in Germany, you have to register your living address with the local registration office. After you get the Registration Certificate, visit the ICICI Bank website, click on the “Activate Account” button and activate your blocked account.
Along with the blocked account, the bank will activate your current account where they transfer the monthly payouts of €861. After activation, you can start using your debit card.
To open a blocked account with ICICI Bank, you have to attach the following documents to the online application:
- Copy of your passport’s biometric information page.
- Copy of the passport pages containing your parents’ or guardians’ names and your address. If your passport does not contain this information, submit other government-issued documents which do contain it.
- Copy of the acceptance letter from your school or university in Germany.
After reviewing your application, the bank reserves the right to ask for additional information or documents.
Yes, at ICICI Bank, you will get a current account at the same time you open your blocked account. This saves you time and effort, because after you get to Germany, all you need to do is register your address, activate your blocked account online, and you will be able to access your money. ICICI Bank transfers €861 from your blocked account to your current account every month.
You will also receive a debit card, so you can withdraw money and make payments. You will get the debit card in the mail within 7-10 days after you transfer the blocked account money. However, you cannot use the card immediately – you must wait until you are in Germany and have activated your account to use it.
The fee for opening a blocked account with ICICI Bank is €150. There are no additional monthly management or maintenance charges. You have to transfer the fee along with the blocked account funds.
It takes about 2-3 for ICICI Bank to open your blocked account, and another 1-5 days to send the money into the account. To avoid delays, make sure you start the process well in advance of the student visa interview appointment at the German Embassy.
You have to send the money to your ICICI Bank blocked account through a bank transfer. You cannot use other money transfer services or companies. The bank account where the money is coming from has to be in your name or a joint account with your parents.
If you send the money through another method, then ICICI Bank will return them and will charge you for any expenses incurred from the international transfer.
No, you must transfer the funds to your blocked account from another bank account that is either exclusively under your name or from a joint account with your parents.
You have to transfer at least €10,472 to ICICI Bank so they can open your blocked account. That includes the €10,332 blocked account amount and the €150 processing fee. If you need the blocked account for less than a full year, then the amount will be adjusted accordingly (€861/month).
You should also transfer an additional sum to cover the international transfer, otherwise, the bank will charge you using the blocked amount. If this happens, the Balance Confirmation Document will show less than €10,332, and you may risk your visa.
During the account opening process, you will be informed about the exact amount you have to transfer since it can change on a daily basis due to currency exchange fluctuations.
Yes, if your German student visa is rejected, then you will receive your money back, except for the €150 processing fee and other charges.
You have to request the closing of your ICICI blocked account online, by logging into the application section on the ICICI Bank website. You must request a refund of your blocked account money. Depending on the reason for closing it, you have to submit adequate documentation:
- Visa refusal letter from the German Embassy, in case of visa refusal.
- Proof of having withdrawn from a course of study, if you return home early or decide not to travel to Germany.
- Proof that you have not been admitted to a German university or school.
Yes, if it is required to continue your student residence permit, you can extend the blocked account as well. You will have to transfer the required amount of money again (€861/month), depending on how long the extension is for.
You have to contact ICICI Bank to learn how you can extend your blocked account.
No, ICICI is a bank, not an intermediary blocked account provider, so it does not offer additional services such as a joint package with a blocked account plus a health insurance subscription.
When you get to Germany, you have to register for health insurance coverage yourself – either public or private insurance, depending on your age and student status.