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Comparison between Different Methods for Blocked Account

There are mainly four methods used for opening blocked account in Germany. In this article, we make the comparison to find out which is the most convenient method based on your needs.

Blocked Accounts

Fintiba

This is the most convinient and fastest method to open your blocked account. If you want your blocked account right now within 1-2 days and deal with the rest when you arrive in Germany. Fintiba acts as an intermediary between you as the customer and Sutor Bank.

X-Patrio

Similar to other providers, this is also accepted & approved by German Federal Foreign Office for obtaining a German visa. In comparison with exisiting service providers X-patrio offers the cheapest Blocked Account opening process.

Deutsche bank

This is traditionally used option. However, due to large delay in application processing and a complex procedure, this method is least popular and not preferred by students in recent days. Moreover, you will be asked to open a local account and maintain 1L balance which is redundant.

Kotak Mahindra Bank

The Kotak Mahindra Bank has an arrangement with German Consulate to open savings accounts for the people applying for the German Student Visa. Although this is a convenient option for Indian students, it involves a delay in the process especially once you reach Germany.

Comparison

wdt_ID Criterion Deutsche Bank Kotak Mahindra Fintiba X-Patrio
1 Method Online + Hardcopies Online + Hardcopies Online Registration Online Registration
2 Process Complicated Moderate Easy Easy
3 Time Required to open account 3 -5 weeks 2 - 3 weeks 3 - 5 days The time required to open a blocked account is 24h only. The time to receive the blocking confirmation is usually 3-5 business days.
4 One time Charges €149 - €89 €49
5 Monthly Charges - - € 4.90 €5
6 Minimum Balance to maintain INR 1,00,000 - - -
7 Interest Gain No 6 % No No
8 Monthly Withdrawal €720 €720 €720 €720
9 Document Required 1. passport2. The account opening form (filled out, but not signed)3. Admission letter4. Bank Statement5. A DB India account (optional, recommended) 1. Saving account form and KYC documents 2. A copy of the Passport and letter issued by a German University3. Email Indemnity in Bank’s format. You only need your passport for the blocked account opening. Furthermore the passport doesn’t need to be certified by the embassy. You only need your passport for the blocked account opening. Furthermore the passport doesn’t need to be certified by the embassy.
10 How to Get Money from Blocked Account? 1. once you arrive in Germany (not necessary for your Visa). You just need to visit a branch of Deutsche Bank (carry your passport) and fill in a service order.2. You will receive a Deutsche Bank Junges Konto Card and PIN, which you can use to withdraw Once you arrive in Germany, you need to open an account in Local Bank (DB, Commerzbank, Sparkasse etc.) and then once you get IBAN and SWIFT code, you need to send email to Kotak Contact person and then you will get your money in account. Once you arrive in Germany, you need to complete the legitimation process and open a current account. Money will then be transferred to Blocked account to your current bank account every month. The money from the blocked account must be transferred into the personal German bank account such as N26. It's paperless, fast and efficient. You can get your account up and running with a digital ID online within the hour once you arrive in German

Our Recommendation

Based on several students feedback received on our portal and social networks, we recommend to go with Fintiba blocked account. It is fast and highly convenient since the entire process is online.

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