Kotak

These terms and conditions (Terms) apply to and regulate the provisions of German Blocked Account.

The applicant wishes to open a savings account with Kotak Mahindra Bank for the purpose of issuance of a confirmation letter required by the applicant, to be submitted to the German Embassy, which shall act as a financial proof and is a prerequisite for obtaining Student, Opportunity Card & Spouse visa for Germany. This confirmation letter is generally called German Blocked Account Letter.

Applicant understands and agree that the applicant authorizes Kotak Mahindra Bank to lien mark funds in this said savings account, in INR for the purpose of issuing the German Blocked Account Letter (GBA Letter).

Applicant understands and agrees that the amount in the account shall be blocked in INR, and the GBA letter is issued to the Germany embassy in EUR on behalf of the applicant. The EUR amount mentioned in the GBA Letter will be as per the prevailing exchange rate, as applicable, on the date of lien marking the funds. The applicant agrees to provide any additional INR funding, as required on the date of remittance, to make good the difference, if any, to match the EUR amount mentioned in the GBA Letter, arising due to currency fluctuations from the date of lien marking and the actual remittance to Germany.

The applicant understands and confirms to open a blocked account upon reaching Germany, at a financial institution authorized by the German Government, and will only access the approved monthly amount as advised by the German Government. This condition is pivotal to issuance of the GBA Letter by Kotak Mahindra Bank.

The applicant agrees to the condition that the blocked funds at Kotak Mahindra Bank can only be transferred to a blocked account in Germany.

Applicant understands and agrees that remittance request has to be submitted before Bank along with a self-attested copy of the passport and a self-attested copy of the visa with the entry stamp of German Immigration. Kotak Mahindra Bank may request additional documents for the purpose of due diligence prior to accepting the remittance request. Applicant understands and agrees that Kotak Mahindra Bank shall have no responsibility if the remittance request is not processed due to delay or non-compliance by the Applicant in submission of required KYC documents.

The applicant, as mentioned in point 5 above, at the time of remittance of funds from India, has to ensure that the beneficiary account (Self) in Germany is a blocked account only. As per the current German regulation as on September 2024, the applicant further confirms to adhere to the monthly withdrawal limit of EUR 992 in case the visa type is Spouse or Student and EUR 1091 in case the visa type is Opportunity Card visa, in Germany. This amount may change as per German government regulations. The applicant also confirms to take explicit consent of the relevant German authority (German Embassy or Consulate General in India, Aliens' Authority in Germany) if they wish to withdraw in Germany any amount other than the applicable monthly limit. Kotak Mahindra Bank will remit the entire blocked account funds in a single remittance to the customer's German Blocked Account in Germany.

Existing Kotak Mahindra Bank Savings Account holders can also avail the services of blocking funds for the purpose of getting a GBA Letter.

Customer requesting for GBA Letter should have the following self-attested documents for Registration:

For Student visa:

Turn German opportunities into your new reality For study, work, or settling down, start with a German Blocked Account.

Registration

Turn German opportunities into your new reality

For study, work, or settling down, start with a German Blocked Account.