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2 mins Read | 10 Months Ago

5 important things to consider when applying for a Blocked Account

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Applying for a Blocked Account is an essential step for those planning to study or work in Germany. It is a mandatory requirement to obtain a Student Visa or Jobseeker Visa.

Here are the five crucial things to keep in mind when applying for a Blocked Account with ICICI Bank Germany.

1. Convenient Online Registration Process: ICICI Bank Germany offers a user-friendly online registration process to open a Blocked Account. Just visit www.icicibank.de and fill out the online application form. Once completed, an instant Blocked Account Number will be generated. This streamlined online process saves time and ensures a stress-free experience.

2. Essential Documents: When applying for a Blocked Account certain documents need to be submitted along with your online application form including a copy of the Passport pages containing your Photo, Passport Number, Date of Birth and other personal details. If your Passport address does not match with your current address then a government issued identification document with current address needs to be provided along with passport document.

3. Account Maintenance by ICICI Bank UK PLC, Germany Branch: Your ICICI Bank Germany Blocked Account will be maintained by ICICI Bank UK PLC, Germany Branch. This Branch is a licenced Bank in Germany, ensuring that your funds are held securely and in compliance with the German banking regulations. ICICI Bank Germany Blocked Account is approved by German Federal Foreign Office.

The deposits at the German Branch of ICICI Bank UK PLC are covered by two different deposit insurance schemes that combine statutory and voluntary deposit insurance:

  • The statutory deposit guarantee protects € 1,00,000 per depositor
  •  As a member of the Deposit Guarantee Fund of the Federal Association of German Banks that represents around 180 private Banks from Germany and abroad, the German Branch of ICICI Bank UK PLC ensures an additional layer of protection. Deposits with ICICI Bank UK PLC in Germany, exceeding the statutory minimum guarantee are backed by this fund up to a security limit of currently € 16,509,000.

4. Understanding Minimum Balance and Monthly Average Requirements: The amount you need to transfer into the Blocked Account depends on the duration of your stay in Germany, as defined by German Visa regulations. During the application process you will be informed about the total amount that needs to be transferred as well as the monthly amount that should be credited to your Current Account. There is no minimum balance requirement for Current Account, providing you with flexibility and ease of management.

5. Timely Deposit of Funds: To ensure a smooth process it is crucial to deposit funds into your ICICI Bank Blocked Account well in advance. This way the Account will have the necessary balance before you apply for a student visa or a jobseeker visa. ICICI Bank Germany typically takes approximately 5-10 minutes to open a Blocked Account and you a get your Account number instantly after submitting your application. The time for fund transfer would depend upon the remittance service provider you choose. Once funds are received at the Germany Branch you can expect to get your Balance Confirmation Certificate in 1 working day post that. By planning ahead, you can avoid last-minute delays.

Conclusion: When applying for a Blocked Account with ICICI Bank Germany, following these five key points will help you complete the application process smoothly with confidence. Remember to register online, prepare the required documents, be aware of the Account maintenance arrangement, understand the minimum balance and monthly average requirements and deposit funds well in advance. This way, you will be better equipped to handle the process of obtaining a Blocked Account.

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