ICICI Bank Germany, a part of ICICI Bank, announced the launch of a digital and instant Blocked Account* for students aspiring to study in Germany. A Blocked Account* is a special type of account wherein students are required to keep a certain amount of money in order to get a Balance Confirmation Certificate (BCC), a mandatory requirement for a student Visa in Germany. Only banks, which are authorized by German Federal Foreign Office, can offer the Blocked Account*.
The new ‘ICICI Bank Germany Student Blocked Account’ enables students to deposit the required amount with the Bank and get the BCC. Students can open this account online from the comfort of their homes in India before their Visa applications, without visiting an ICICI Bank branch. This account offers students a complimentary Current Account, that they can use in Germany. It also comes with a VISA debit card which can be used anywhere in the world. The debit card will be delivered to the students at their address in India before they leave for Germany.
ICICI Bank Germany is the first bank to offer the dual advantage of a completely digital ‘Blocked Account’ and a complimentary Current Account to students. It is a marked improvement from the existing industry practice where students typically open these accounts with two different banking entities and can open the Current Account only after reaching Germany. The Current Account is equivalent to a savings account in India, and can be used by students for their daily banking requirements in Germany.
Speaking about the launch, Mr. Sriram H. Iyer, Head- International Banking Group, ICICI Bank, said, “At ICICI Bank, we recognize the unique banking requirements of students, and we always endeavor to provide them. ICICI Bank Germany has been servicing the Indian diaspora for more than a decade. ‘ICICI Bank Germany Student Blocked Account’ is the first account that offers the dual advantage of a ‘Blocked Account’ along with a complimentary Current Account to the Indian students. It also offers a VISA debit card which can be used worldwide.
Germany is a popular destination for Indian students looking to pursue higher studies. ‘ICICI Bank Germany Student Blocked Account’ helps them apply for a ‘Blocked Account’ and get the BCC, a prerequisite for applying for a German Visa. The Current Account and the VISA debit card help them to take care of their day-to-day banking requirements in Germany. Students and their parents in India have a strong connect with ICICI Bank. We look forward to serving the needs of the students while they study in Germany, and their parents in India for facilitating their overseas banking needs in a convenient, safe and secure manner.”
Key benefits of the blocked account:
· Fully digital process: Students can open the ‘Blocked Account’ in a complete digital and seamless manner; and get the account number instantly
· Debit card: Students receive the VISA debit card before they leave for Germany
· Complimentary local current account: Students get an additional Current Account as a local bank account for their daily banking requirements in Germany
· Available 24X7: The facility of digitally opening a ‘Blocked Account’ is available 24X7
Aspirants can apply for the ‘ICICI Bank Germany Student Blocked Account’ in four easy steps:
1. Registration with ICICI Bank Germany: Students can register themselves on ICICI Bank Germany through the website . Once that is done, an email with an authentication link will be shared with them. This activates the application portal and a secured mailbox for receiving further instructions, updates and BCC.
2. Submission of online application: Students can fill in the details in the online application form, upload their Passport copy, address proof and the college admission/acceptance letter and get a ‘Blocked Account’ number instantly.
3. Funding the account: Students can transfer funds to their ‘Blocked Account’ with the pre-requisite amount immediately using any bank account in India and within one day of receipt of funds, they get the BCC in their secured mailbox and the VISA debit card dispatched to their address in India.
4. Activation of the local bank account/ current account: Students can complete a quick online video identification process and update the local address after reaching Germany. This will activate their local bank account and VISA debit card for their local banking requirements in Germany.