If you are a US person and your Indian accounts together held more than $10,000 at any time in the year, you generally have to file an FBAR. The FBAR for Indian bank accounts is a report, not a tax: it lists your NRE, NRO, savings and fixed deposit accounts, and it goes to FinCEN, separately from your tax return.
Quick answer
Do I need to file an FBAR for my Indian bank accounts?
Yes, if you are a US person (citizen, green card holder or resident alien) and the combined highest balances of all your foreign accounts passed $10,000 at any point in the calendar year. You file FinCEN Form 114 online by 15 April, with an automatic extension to 15 October.
Facts checked in November 2026 against official sources. Rules and fees change, so confirm with the provider before you act.
Penalty warning first: the IRS says people who should file and do not may face civil and criminal penalties, and the civil maximums are adjusted for inflation every year. This page explains FinCEN and IRS rules; it is not tax or legal advice, so ask a CPA or enrolled agent about your own case.
Who has to file: the “US person” test
FinCEN says a United States person with a financial interest in or signature authority over foreign financial accounts must file when the total value is more than $10,000 at any time in the calendar year. For a visa holder, “resident” follows the tax residency tests: the green card test or the substantial presence test.
The IRS substantial presence test counts at least 31 days this year and 183 days over three years, weighting earlier years at one third and one sixth. An H-1B or H-4 holder who spends most of a year in the US will usually meet it. Students on F, J, M or Q visas, and some J or Q teachers and trainees, are exempt individuals whose days are not counted, within limits in IRS Publication 519.
- Usually a US person: US citizens, green card holders, and H-1B, H-4 or L-1 holders who meet the substantial presence test
- Usually not, while exempt: F-1 students and J-1 students or scholars whose days are excluded
- Not sure: a year with a change of status, or a treaty claim. Ask a tax professional
Which Indian accounts count
The IRS says an account at a financial institution outside the United States is generally a foreign financial account, whether or not it earns taxable income. FinCEN’s instructions include savings, deposit, time deposit, securities and brokerage accounts, cash value insurance or annuity policies and certain mutual funds.
- NRE and NRO savings accounts, and any resident savings account you never converted
- Fixed deposits and recurring deposits, NRE, NRO or FCNR
- A demat or brokerage account with an Indian broker, as an account (the IRS comparison page says you report the account, not each share)
- A joint account your parents opened with you, or one where you only have signing power
Shares held directly, such as physical certificates, are not financial accounts. PPF, EPF and Indian life policies are argued about on forums, so ask your CPA rather than guess. Still choosing an account? See our guide to opening an NRE account from the USA covers the options.
How to count to $10,000
The test is not per account. The IRS says the aggregate value of your foreign accounts must exceed $10,000 at any time during the year.
- List every foreign account you had an interest in or could sign on during the calendar year, even ones you closed
- Find the highest balance of each, in rupees, from your statements or passbook
- Convert each high balance with the Treasury Bureau of the Fiscal Service rate for the last day of the calendar year
- Add them. Over $10,000 means you file and list every account, small ones included
| Account | Highest balance in the year | Counts toward the total? |
|---|---|---|
| NRE savings | Your converted high balance | Yes |
| NRO fixed deposit | Your converted high balance | Yes |
| Joint savings with a parent | The full balance, not half | Yes |
| Account closed in March | Its high before closing | Yes |
The IRS says each joint owner reports the entire value of a joint account. Spouses can file one FBAR only if they sign Form 114a and every reportable account of the other spouse is joint with the filer.
FBAR for Indian bank accounts: deadline and how to file
The FBAR is due 15 April for the previous calendar year, with an automatic extension to 15 October. FinCEN says individuals file online through the BSA E-Filing System and do not need to register an account to do so.
- Filed with FinCEN, not attached to your tax return
- Each account needs the bank name, address, account number and highest value
- The IRS says to keep records of each account for five years from the FBAR due date, and a copy of what you filed
Moving money has its own rules: see US remittance tax for India and on how to receive money from India in the USA.
FBAR vs Form 8938
Form 8938 is a second, separate report under FATCA. It is attached to your income tax return, and its thresholds are much higher. The IRS FBAR page links to a side by side comparison.
| Point | FBAR (FinCEN Form 114) | Form 8938 |
|---|---|---|
| Who files | US persons, including resident aliens | Specified individuals, including resident aliens and certain nonresident aliens |
| Threshold if you live in the US | More than $10,000 combined at any time | Single: over $50,000 at year end or $75,000 at any time. Married filing jointly: $100,000 or $150,000 |
| Where it goes | BSA E-Filing with FinCEN | Attached to your tax return |
| Due date | 15 April, automatic extension to 15 October | Your tax return due date, with extensions |
| Shares held outside an account | Not reported | Reported |
If your balances stay under the Form 8938 thresholds, only the FBAR applies; above them, both may apply. Income tax on the interest is a separate question: see whether NRE interest is taxable in the USA.
Missed FBARs from past years
The IRS has procedures for late filers, including delinquent FBAR submission procedures and streamlined filing compliance procedures. Which one fits depends on your facts, so hire a CPA or enrolled agent with FBAR experience before you file anything.
Leaving the US? The year you leave can still count. Read whether you can keep your US bank account after moving back to India.
Frequently asked questions
Do NRE and NRO accounts go on the FBAR?
Yes. They are accounts at banks outside the United States, so they count toward the $10,000 total and are listed if you file. The IRS says it does not matter whether the account produces taxable income.
Do I report a joint account with my parents at half its value?
No. The IRS says each joint owner has a financial interest and reports the entire value of the account. Your parents in India are not US persons, so the duty to report falls on you.
Do F-1 students file an FBAR for Indian accounts?
Usually not while their days are excluded from the substantial presence test, because they are not resident aliens then. That changes after the exempt years or after a move to H-1B, so check your status each year with a tax professional.
Next step: line up your accounts before April
Make a list of every Indian account, its highest balance and the bank’s address, then check your US person status for the year. For the wider picture, start with our guide to sending money to India from the USA.