You must file FBAR if the combined maximum value of all your foreign financial accounts exceeded $10,000 at any single point during the calendar year.
FBAR Trigger: $10,000 Aggregate Threshold
You must file FBAR if the combined maximum value of all your foreign financial accounts exceeded $10,000 at any single point during the calendar year.
This means: add up all accounts simultaneously on the day when they're collectively highest. If that sum ever exceeds $10,000 → FBAR required.
India Accounts: What Counts for FBAR
| Account Type | FBAR Required? | Notes |
|---|---|---|
| NRE Savings Account | ✅ Yes | Bank account in India |
| NRO Savings Account | ✅ Yes | Bank account in India |
| NRE Fixed Deposit | ✅ Yes | Deposit account |
| NRO Fixed Deposit | ✅ Yes | Deposit account |
| Regular Indian savings account | ✅ Yes | Even if you had it before H1B |
| PPF (Public Provident Fund) | ✅ Yes (recommended) | Financial account |
| EPFO / PF | ✅ Yes (recommended) | Conservative approach |
| Indian mutual funds | ✅ Yes | If held in your name |
| Indian demat account (stocks) | ✅ Yes | Securities account |
| Indian life insurance (with cash value) | ✅ Maybe | Only if it has a cash surrender value |
| UPI/digital wallets (PhonePe, Paytm) | Typically No | Not financial accounts |
How to Calculate the Reportable Value
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For bank accounts: Use the maximum balance during the year (in USD, converted at the December 31 Treasury Reporting Rate).
For FDs: Use the face value + accrued interest.
Currency conversion: Use the official Treasury exchange rate (published at fiscaldata.treasury.gov) or the FinCEN-approved rate.
Common H1B India Account Scenarios
Scenario 1: Just NRO Account
₹5,00,000 = ~$6,000. Under $10K → No FBAR.
Scenario 2: NRE + NRO + Parents Hold Money in Your Account
₹5L NRE + ₹4L NRO + ₹2L savings = ~$13,000 combined → FBAR required.
Scenario 3: NRE FD + PPF
$8,000 NRE FD + $4,000 PPF = $12,000 → FBAR required. Both accounts must be listed.
What Information You Need for Each Account
- Financial institution name
- Account number
- Maximum value during the year (in USD)
- Account type (checking, savings, FD, etc.)
Where to File
FBAR is filed at fincen.gov/bsaefiling — the BSA E-Filing System. It's free. No tax software required.
Deadline: April 15, with automatic extension to October 15 (no action needed for extension).
Form 8938 vs FBAR
FBAR (FinCEN 114) and Form 8938 (FATCA) are separate obligations with different thresholds:
| FBAR | Form 8938 | |
|---|---|---|
| Filed with | FinCEN | IRS (with tax return) |
| Threshold (single) | $10,000 | $50,000 year-end / $75,000 at any point |
| Penalty (non-willful) | $10,000/account | $10,000 per form |
Many H1B holders file both. See our full comparison at /fbar-vs-form-8938/.
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