ICICI Bank Germany, a component of ICICI Bank, today announced the launch of a digital and immediate Blocked Account for students aspiring to study in Germany. A Blocked Account is a particular kind of account wherein students are needed to maintain a particular quantity of cash 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 supply the Blocked Account.
The new ‘ICICI Bank Germany Student Blocked Account’ enables students to deposit the needed quantity with the bank and get the BCC. Students can open this account on line from the comfort of their properties in India just before their Visa applications, with no going to an ICICI Bank branch. This account provides students a complimentary Current Account, that they can use in Germany. It also comes with a VISA debit card which can be utilized anyplace in the world. The debit card will be delivered to the students at their address in India just before they leave for Germany.
According to a press release issued by the bank, ICICI Bank Germany is the initial bank to supply the dual benefit of a fully digital ‘Blocked Account’ and a complimentary Current Account to students. It is a marked improvement from the current business practice exactly where students generally open these accounts with two unique banking entities and can open the Current Account only just after reaching Germany. The Current Account is equivalent to a savings account in India, and can be utilized by students for their every day banking needs in Germany.
Speaking about the launch, Sriram H. Iyer, Head-International Banking Group, ICICI Bank, stated, “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,” he added.
Key added benefits of the blocked account:
# Fully digital procedure: Students can open the ‘Blocked Account’ in a comprehensive digital and seamless manner and get the account quantity immediately.
# Debit card: Students obtain the VISA debit card just before they leave for Germany.
# Complimentary regional existing account: Students get an extra Current Account as a regional bank account for their every day banking needs in Germany.
# Available 24X7: The facility of digitally opening a ‘Blocked Account’ is out there 24X7.
Aspirants can apply for the ‘ICICI Bank Germany Student Blocked Account’ in 4 straightforward actions:
1. Registration with ICICI Bank Germany: Students can register themselves on ICICI Bank Germany via their internet site. Once that is carried out, an e mail with an authentication hyperlink will be shared with them. This activates the application portal and a secured mailbox for getting additional guidelines, updates and BCC.
2. Submission of on line application: Students can fill in the particulars in the on line application type, upload their Passport copy, address proof and the college admission/acceptance letter and get a ‘Blocked Account’ quantity immediately.
3. Funding the account: Students can transfer funds to their ‘Blocked Account’ with the pre-requisite quantity promptly employing any bank account in India and inside 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 regional bank account/ existing account: Students can comprehensive a swift on line video identification procedure and update the regional address just after reaching Germany. This will activate their regional bank account and VISA debit card for their regional banking needs in Germany.