The fund requirement for a Germany Student Visa will be increased by 20% starting 1st September 2019. This has been confirmed by the Federal Foreign Office of Germany.
Till now, international students applying for a Germany Student Visa needed €8,640 in a blocked bank account. However, from 1st September 2019, the amount required has been increased to €10,236.
As per a notice published on the website of the Federal Foreign Office, the blocked account fund requirement will be increased to €10,236 from 1st January 2020. However, this increased amount will be applicable for all Student Visa applications submitted from 1st September 2019.
One of the major requirements for a Germany Student Visa is to provide evidence of sufficient funds. The most efficient way to demonstrate the same is through a blocked bank account. The amount of money deposited in the blocked account is calculated to cover your living expenses in Germany. This proves that you have the necessary financial means to live in Germany as an international student for a year.
A blocked account allows international students to withdraw a certain sum of money every month when they are in Germany. The amount is currently €720 but will increase to €853 from 1st September 2019.
As per the Federal Foreign Office of Germany, a blocked account ensures that sufficient funds are available to cover your living expenses in Germany. However, a blocked account does not entitle the student to withdraw the entire amount.
Different banks follow different procedures to open a blocked bank account. You would need to contact the particular bank to know the requirements for the same.
However, not all banks have the facility for opening a blocked bank account for international students.
Deutsche Bank and the Fintiba-Sutor Bank, however, do extend this facility to international students, as per The Hindu.
Y-Axis offers a wide range of Visa and Immigration products as well as services for immigrants including Student Visa for Germany, Work Visa for Germany, Business Visa for Germany and Jobseeker Visa.
If you are looking to Study, Work, Visit, Invest or Migrate to Germany, talk to Y-Axis, the World’s No.1 Immigration & Visa Consultants.
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