As part of your student visa application, you are required to provide the proof of sufficient funds to cover your tuition fee and living expenses in Germany. Based on the student feedback, Fintiba Blocked Account seems to be a better alternative to Kotak Mahindra Bank.
Until recently, a commonly opted choice to fulfill this requirement was to open a blocked account with Deutsche Bank (DB) and Kotak Mahindra. But with the recent change in regulations of DB, students have been facing difficulties. Similarly, there are several hassels with Kotak Mahindra bank that students have reported to us from the previous semester. Some have reported problems such as their application getting rejected or it is taking too much time to open an account. This could then lead to a great delay to the visa process.
Fortunately, there’s a convenient alternative procedure with the Fintiba Blocked Account. We highly recommend you to use the Fintiba Blocked account since the process is much faster and convenient compared to Kotak Mahindra Blocked account.
In case if you still want to use the Kotak Mahindra services for the blocked account, please we have explained the same below.
Process to be carried out in India
Although you can open the account at any branch of Kotak Mahindra Bank in India, this process is quite new and still many branches are not aware of this process systematically. So, it is always better to contact to the main branches at some big cities over the phone and enquire about the whole process before going to the local branch in person. My suggestion is to go with the branch which has a past experience with this process.
You can also note down the name and the contact number of the contact person of the main branch, so that if the persons at local branch finding difficulty you can direct them to the main branch itself.
Following documents will be collected from you for opening the Savings Account.
During this procedure, the bank officer will ask for an email indemnity (stamp paper). The bank will give you a format and you have to bring the email indemnity, the cost of this paper varies according to stamp duties in different states. This email indemnity will act as a confirmation that the bank people can operate your account after you land there in Germany.
Then after a week you will get a confirmation letter by the bank, mentioning the amount that you have deposited in rupees along with the exchange rate on it. Carefully examine all the entries mentioned on it. You have to take this letter to your Visa interview as a proof of financial means.
The whole procedure will take up to 15-20 days.
Important: note down the email and contact number of the bank official (must not be any agent) who is opening your account.