How to open a Blocked account with Kotak Mahindra

Blocked Account (Sperrkonto) with Kotak Mahindra: is required for financing your study and living costs in Germany. This account is called blocked account since you are required to show that you have enough money to survive in the country (Germany) for a year and only a certain sum of money will be released per month for your usage. You cannot withdraw more than the set monthly limit. Certainly, you can transfer more money than what is required for the German visa.

One option to fulfil this requirement would be to open a blocked account at a branch of Kotak Mahindra Bank in India.

You can contact any branch of Kotak Mahindra in India and request opening of a blocked account for a student visa for Germany. You will have to present proof of opening of such account at the time of applying for your visa. After having arrived in Germany, you can request Kotak Mahindra Bank to transfer the full deposited amount into a blocked account at any local bank in Germany.

Please submit the e-mail confirmation regarding the activation of your blocked account (Sperrkonto) and the transfer of the amount at your visa interview.

Benefits to go with Kotak Mahindra for Blocked Account (Sperrkonto)

• Give interest on your blocked amount, till they have your money
• No one-time or processing charges
• You can find Kotak Mahindra Branch everywhere in India
• Kotak Mahindra Bank will transfer the full deposited amount into a blocked account at any local bank in Germany

Following documents will be collected from you for opening the Savings Account.

Required Documents

• Savings Account Opening Form and Know Your Customer (KYC) documents as per Bank’s KYC grid.
• A copy of the Passport.
• A copy of admission letter issued by a German University.
• Email Indemnity in Bank’s format.
• Request to convert customer status from Resident to Non-Resident and change Resident Account to NRO.
• Outward Remittance form – the section for beneficiary account and bank details will be left blank
• IP Cheque for INR value equivalent to EURO 8700 (prevailing TT Selling rate on the day of account opening) –This amount is collected as required by German Embassy for the issuance of Student Visa. (It is expected that bank will collect more amount than the prescribed amount in order to cover the rate differences at the time of depositing the amount in Student account and on the day of outward remittance.). IP Cheque from immediate family member – Father / Mother / Siblings can be accepted for these student accounts.
• Student Request Letter – A declaration cum undertaking from student allowing KMBL to mark a Debit Freeze in the account till the time an instruction to remit funds overseas is submitted by the student and sharing account information with German Embassy for the issuance of Student Visa.

During this procedure, the bank officer will ask for an email indemnity (stamp paper). The bank will give you a format and you have to bring the email indemnity, the cost of this paper varies according to stamp duties in different states. This email indemnity will act as a confirmation that the bank people can operate your account after you land there in Germany.

Then after a week you will get a confirmation letter by the bank, mentioning the amount that you have deposited in rupees along with the exchange rate on it. Carefully examine all the entries mentioned on it. You have to take this letter to your Visa interview as a proof of financial means.

The whole procedure will take up to 15-20 days.

But if you are in hurry and don’t have much time, you can go with Fintiba to open a blocked account (Sperrkonto)

Click here to Proceed with Fintiba >>>

Read Also: How to Open a Blocked Account (Sperrkonto) with Fintiba

Process to be carried out in Germany

• After you land in Germany, you have to open a bank account to any bank or let us we are saying “Deutsch Bank” account as soon as possible at your local branch. Now the online procedure is available for opening the blocked account. Click here to proceed with Deutsche Bank Online Portal >>>
• Download the form from the above link.
• All the instructions regarding how to fill up the form and where to send it along with the documents list are given on the above portal.
• Once you send the filled form along with the required documents, you will get two unique numbers
  • (i) IBAN (equivalent to your bank account number)
  • (ii) BIC (equivalent to the bank Swift code) on your Email (if you choose Email address as your receiving medium).
• Now you can write an email to the bank official who opened your blocked account at Kotak Mahindra Bank in India requesting the transfer of the whole amount to the Deutsch Bank in Germany. Provide your full name, passport number, bank name, bank branch name, telephone number along with your IBAN and BIC in this email.
• After sending the email you will get a telephone call from the Kotak Bank HQs in India. You will be asked to provide your details again. Be ready with your passport number, IBAN and BIC.
• After this, the money transfer process will be initiated and it will take generally 4-5 days to complete this process.

Important: Make sure that the telephone number which provided has the facility to take the international calls.