FBAR Filing for US Expats in India
Many US citizens and green card holders of Indian origin maintain bank accounts and investments in India. NRE accounts, NRO accounts, PPF accounts, EPF accounts, and fixed deposits at Indian banks are all reportable on FBAR. The high INR/USD exchange rate means that INR balances exceeding roughly ₹8.5 lakh (at current rates) may trigger the $10,000 threshold.
Approximately 1 million US citizens of Indian origin maintain Indian accounts
Common India Banks Reported on FBAR
India Account Types Reportable on FBAR
- NRE accounts (Non-Resident External)
- NRO accounts (Non-Resident Ordinary)
- PPF (Public Provident Fund)
- EPF (Employees Provident Fund)
- Fixed deposits (FDs)
- Demat accounts (securities)
India Pension & Retirement Account FBAR Rules
Indian PPF (Public Provident Fund) and EPF (Employees Provident Fund) accounts are reportable on FBAR. NRE (Non-Resident External) and NRO (Non-Resident Ordinary) accounts at Indian banks are also reportable. The US-India tax treaty does not specifically address these account types.
Key FBAR Considerations for India
- !NRE and NRO accounts are reportable foreign financial accounts
- !PPF and EPF accounts are reportable even if contributions have stopped
- !Fixed deposits (FDs) at Indian banks are reportable
- !Indian mutual funds may be PFICs requiring Form 8621
INR/USD Currency Conversion
FBAR requires reporting account values in US dollars. FBAR Direct automatically converts Indian Rupee (INR) balances to USD using the Treasury Department's end-of-year exchange rate, so you can enter your account values in INR.
File Your FBAR for India Accounts
Most people finish in under 10 minutes. Automatic INR/USD conversion included.
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