FBAR for Indian Bank Accounts: Who Files and What Counts

Sticky note reading tax deadline on a calendar, a reminder of the FBAR due date for Indian bank accounts

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.

Young Indian man working on a laptop on red steps, checking whether he counts as a US person for the FBAR
Photo: AMIT RANJAN / Unsplash
  • 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
Stone columns of a bank building, a reminder that every account at an Indian bank counts toward the FBAR total
Photo: Brett Sayles / Pexels

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.

  1. List every foreign account you had an interest in or could sign on during the calendar year, even ones you closed
  2. Find the highest balance of each, in rupees, from your statements or passbook
  3. Convert each high balance with the Treasury Bureau of the Fiscal Service rate for the last day of the calendar year
  4. Add them. Over $10,000 means you file and list every account, small ones included
AccountHighest balance in the yearCounts toward the total?
NRE savingsYour converted high balanceYes
NRO fixed depositYour converted high balanceYes
Joint savings with a parentThe full balance, not halfYes
Account closed in MarchIts high before closingYes
Example: three Indian accounts and the FBAR total

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.

April calendar resting on tax forms, marking the 15 April due date of the FBAR for Indian bank accounts
Photo: Nataliya Vaitkevich / Pexels
  • 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.

Tax papers, coins and folders on a desk, comparing the FBAR and Form 8938 thresholds for Indian accounts
Photo: MART PRODUCTION / Pexels
PointFBAR (FinCEN Form 114)Form 8938
Who filesUS persons, including resident aliensSpecified individuals, including resident aliens and certain nonresident aliens
Threshold if you live in the USMore than $10,000 combined at any timeSingle: over $50,000 at year end or $75,000 at any time. Married filing jointly: $100,000 or $150,000
Where it goesBSA E-Filing with FinCENAttached to your tax return
Due date15 April, automatic extension to 15 OctoberYour tax return due date, with extensions
Shares held outside an accountNot reportedReported
FBAR vs Form 8938 at a glance

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.

Stack of worn paper statements, gathering old Indian bank records before seeing a tax professional about missed FBARs
Photo: cottonbro studio / Pexels

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.

This guide is general information, not financial, tax, legal or immigration advice. BankMitraBC is independent and is not a bank. Found a mistake? Tell us and we will check it.

Explore More Guides