What documents are required to open a blocked account in Pakistan?

 To open a blocked account in Pakistan, particularly for purposes such as studying abroad (eg, for a German student visa), specific documentation and compliance with the State Bank of Pakistan's requirements are necessary. Here's a detailed overview of the required documents and the regulations set by the State Bank.

Required Documents to Open a Blocked Account

When opening a blocked account in Pakistan, you typically need to provide the following documents:

• Passport : A copy of your valid passport, which serves as proof of identity.
• University Admission Letter : An official letter from the university or institution you plan to attend abroad, confirming your admission.
• Proof of Address : Documentation that verifies your residential address, which could be a utility bill or a rental agreement.
• Bank Application Form : A completed application form provided by the bank where you intend to open the blocked account.
• Recent Passport-Sized Photographs : Usually two recent photos are required.
• Source of Funds : Some banks may require evidence of how you acquired the funds you intend to deposit into the blocked account, such as bank statements
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State Bank of Pakistan's Requirements

The State Bank of Pakistan has specific guidelines regarding blocked accounts:

• Authorized Dealers : Only banks authorized by the State Bank can open and maintain blocked accounts. This includes all authorized dealers and potentially others as designated by the State Bank
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• Form A-7 Submission : When opening a blocked account, Form A-7 must be submitted to the State Bank for prior approval. This form should include details about the payee and must be clearly marked as a "Blocked Account" transaction
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• Payment Procedures : Payments made into a blocked account must be done through specific instruments such as banker's payment orders or crossed checks marked "payable to blocked account." The collecting bank must endorse these instruments appropriately
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• Restrictions on Withdrawals : Funds in a blocked account cannot be accessed until specific conditions are met, such as arriving in the destination country (eg, Germany) or obtaining prior approval for any transactions involving these funds
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• Investment of Blocked Balances : The State Bank allows for certain investments from blocked accounts in approved securities, but these transactions also require prior approval from the State Bank
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Summary

In summary, opening a blocked account in Pakistan requires careful adherence to both documentation and procedural requirements set forth by the State Bank of Pakistan. It is advisable to consult directly with an authorized bank for any specific instructions or additional requirements they may have. This ensures compliance and smooth processing when preparing for international study or other purposes necessitating a blocked account.

[1] https://www.sbp.org.pk/fe_manual/draft/Chapter-9.pdf

[2] https://www.ocean.net.pk/blocked-account-for-german-study-visa-from-pakistan

[3] https://www.germany-visa.org/banking-germany/blocked-account/

[4] https://www.wemakescholars.com/blog/how-to-open-a-blocked-account

[5] https://pakistan.diplo.de/pk-en/service/-/1995528

[6] https://www.deutsche-bank.de/content/dam/deutschebank/de/shared/pdf/pk-kredit_finanz-db_international_opening_a_bank_account_for_foreign_students.pdf

[7] https://germanystudy.net/how-to-open-blocked-account-for-german-student-visa-in-pakistan/

[8] https://www.sbp.org.pk/fe_manual/chapters/chapter9.htm