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 authorised 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.
Key benefits
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, Sriram H Iyer, Head, International Banking Group, ICICI Bank, said, “At ICICI Bank, we recognize the unique banking requirements of students, and we always endeavour to provide them. ICICI Bank Germany has been servicing the Indian diaspora for more than a decade.”