ICICI Bank Germany, a part of ICICI Bank, today 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 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 any 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 connection 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,” he added.