Starting from January 2020, all international students who want to study in Germany have to deposit at least 10,236 euros to a blocked account in order to get their student visa, reports Studying-in-Germany.org.
When applying at a German university and for residence permit as well, all international students must prove to have proper financial resources to cover the cost of studying in Germany for a year at least. There are many ways one can provide evidence of their financial standing at the time of application, but the blocked account is the most popular option for international students.
Until now, international students were required to deposit an amount of €8,640 to their blocked account in order not to have their admission at university and their student visa application declined.
But, this is about to change soon as the Government has announced that the minimum amount of money one will have to deposit on a blocked account will increase to €10,236 as of January 2020. This change will be effective as of 1 September 2019 and applies to all student visa applications after this date.
At the same time, this means the amount of money a student is allowed to withdraw every month will increase from €720 to €853 starting from 1 September 2019. The announcement further reiterates that a blocking notice does not entitle a blocked account beneficiary to withdraw money, but is only used to prove one has the necessary funds on disposal. It also points out that a blocked account cannot be closed without the approval of the blocked account holder.
A blocked account (Sperrkonto) is a unique type of bank account designed for international students to be able to provide reliable evidence they possess necessary financial funds to study and live in Germany. It can be opened prior to one’s arrival in Germany but can only be accessible after the student registers at the local residence authority in Germany.
The amount of money students are required to deposit on a blocked account and withdraw each month is set out from the German government and is determined through an ordinary estimation on how much it might cost a foreign student to live in Germany.
Learn more about how to open a German blocked account for international students.