Increased Blocked Account Requirement in Germany from September 2024
Germany is a popular destination for students and professionals from around the world. To ensure they have enough money to live in Germany, non-EU citizens must open a blocked account. This account holds a certain amount of money you can access once you arrive in Germany. The German government decides how much money you need in this account.
New Blocked Account Requirement
The German mission in India and the German authorities announced an increase in the blocked account amount from September 2024. The new requirement is EUR 992 per month, totaling EUR 11,904 annually. This change affects all new applications and renewals from September 2024 onwards.
Why is the Blocked Account Important?
The blocked account is not just a requirement for considering a visa or residence permit approval; it’s a safety net. It ensures you have enough funds to support yourself during your stay, covering your rent, food, health insurance, and other living expenses. This measure provides financial security, ensuring international students and professionals can handle any unforeseen financial difficulties in Germany.
Increased Blocked Account Amount
The increase to EUR 992 per month means the total annual requirement is now EUR 11,904, a significant change from the previous amount. The decision to increase the blocked account amount reflects Germany’s rising cost of living. It ensures that students and professionals have sufficient funds to cover their expenses.
Top-Up Your Blocked Account from 2024
If you already have a blocked account, you must top it up to meet the new requirement. This means adding more money to your existing account. The German authorities will check your account has the required funds before approving your visa or residence permit.
Blocked Account Amount is EUR 11,904
The new amount of EUR 11,904 is mandatory for all non-EU citizens applying for a visa or residence permit from September 2024. This includes students, professionals, and researchers. The increased blocked account amount ensures you can comfortably live in Germany without financial worries.
Understanding the Blocked Account Process
To open a blocked account, you must choose a financial institution or bank authorized by the German government. Many banks offer this service, and the process is straightforward. Here are the steps:
Choose a Bank : Select a bank or financial institution that offers blocked account services. Some popular options include Deutsche Bank, Fintiba, and Expatrio.
Apply Online : Most banks offer an online application process. You must provide:
- Personal information.
- A copy of your passport.
- Proof of admission or job offer in Germany.
Transfer Funds : You will receive account details once your application is approved. Transfer the required amount (EUR 11,904) to the blocked account. This amount includes a monthly allowance of EUR 992.
Receive Confirmation : After transferring the funds, you will receive a confirmation letter from the bank. This confirmation document is essential for your visa application.
Access Funds : You can access the funds once you arrive in Germany. Typically, you can withdraw a fixed monthly amount (EUR 992) to cover your living expenses.
Why the Increase?
The decision to increase the blocked account amount is due to several factors:
Inflation : The cost of living in Germany has increased over the years. Higher prices for housing, food, and other essentials mean that the previously blocked account amount needs to be improved.
Living Standards : Germany aims to ensure that international students and professionals can maintain a decent standard of living. The increased blocked account amount ensures you have enough money to live comfortably.
Financial Security : The German government wants to ensure that international residents do not face financial difficulties. The increased amount provides a safety net for unforeseen expenses.
Impact on Students
The increased blocked account amount affects all international students planning to study in Germany starting September 2024. Here’s how it impacts you:
Higher Initial Deposit : You need to deposit EUR 11,904 instead of the previous amount. This means you need more money upfront to open your blocked account.
Budget Planning : With the increased monthly allowance of EUR 992, you must plan your budget accordingly. You must know that your monthly expenses are, at most, this amount.
Financial Aid : If you receive a scholarship or financial aid, ensure it covers the increased blocked account requirement. Contact your scholarship provider for details.
Impact on Professionals and Researchers
The new blocked account requirement also affects professionals and researchers. Here’s what you need to know:
- Visa Application : Ensure that your blocked account has the new required amount (EUR 11,904) before applying for a visa or residence permit.
- Vocational Training Contracts : If you have a vocational training contract, ensure that your stipend meets or exceeds the minimum amount required for the blocked account.
- Financial Planning : Plan your finances to ensure that you can meet the increased blocked account requirement. Consider additional sources of income or savings.
How to Top-Up Your Blocked Account
If you already have a blocked account and need to top it up, follow these steps:
Check Your Balance : Verify the current balance in your blocked account. Calculate the additional amount needed to reach EUR 11,904.
Transfer Additional Funds : Transfer the required amount to your blocked account. Ensure that the transfer includes any bank fees or charges.
Receive Confirmation : Request a confirmation letter from your bank after transferring the funds. This letter will be needed for your visa or residence permit application.
Update Your Records : Keep a copy of the confirmation letter and update your financial records. Ensure that your account has the required funds before your visa interview.
Common Questions
Why is the blocked account amount increased to EUR 11,904?
The increase reflects the rising cost of living in Germany. The new amount ensures international residents have enough funds to cover their living expenses.
How does this affect my visa application?
While applying for a visa or residence permit, you must show proof of the new blocked account amount (EUR 11,904). Ensure that your account meets the requirements to avoid delays.
Can I use a scholarship to meet the blocked account requirement?
Yes, scholarships and financial aid can be used to meet the blocked account requirement. Ensure that your scholarship covers the increased amount.
What happens if my blocked account does not meet the new requirement?
Your visa or residence permit application may be delayed or rejected if your blocked account does not meet the new requirement. It’s crucial to ensure that your account has the required funds before applying to avoid any potential issues with your application.
Conclusion
The increased blocked account amount to EUR 11,904 from September 2024 reflects Germany’s rising cost of living. This change ensures international students and professionals have enough funds to support themselves. Make sure to top-up your blocked account to meet the new requirement. This will provide a smooth visa application process and a comfortable stay in Germany.
Remember, financial planning is crucial when living abroad. Ensure your blocked account has the required funds and plan your budget accordingly. This will help you enjoy your time in Germany without financial worries.
