For US persons with Indian financial assets. Tick off each item to confirm you are covered.
Your progress
0 of 18 items completed
File this with your tax documents each year.
Why this checklist exists
FATCA compliance for NRIs involves two separate tracks that most people conflate. Track 1 is automatic — your Indian bank is already reporting your account balances and interest to the IRS under the India-US IGA. Track 2 is on you — you must still file Form 8938 with your US tax return, and separately file an FBAR if your foreign accounts exceed $10,000 at any point in the year.
Missing either track carries different penalties. FBAR violations can reach $10,000 per violation for non-willful failures, and up to $100,000 or 50% of account value for willful violations. Form 8938 penalties start at $10,000 for failure to disclose.
This checklist covers both tracks. Work through it once a year before you file your US tax return. If you find items you haven't addressed, the full FATCA guide explains each in detail.
Step 1 — Know If You Need to File
These apply to you if you hold a US passport, green card, or meet the substantial presence test.
I have confirmed my US person status
US citizen, green card holder, or OCI who is also a US citizen. FATCA applies regardless of where you live.
I understand both tracks apply to me
Track 1: my Indian institutions report my accounts to the IRS automatically. Track 2: I must still file my own forms separately.
Step 2 — List All Indian Financial Assets
Bank accounts listed (NRE, NRO, FCNR, resident savings)
Include every bank — HDFC, ICICI, SBI, Union Bank, etc. Even old accounts you rarely use.
Fixed deposits listed
Include FDs at all banks, including those in a spouse or family member's name if you have a beneficial interest.
Mutual fund folios listed
Each fund scheme is a separate PFIC. Five schemes means five Form 8621s. Check CAMS and KFintech for a full list.
Demat holdings and Indian stocks listed
Include all equity in your demat account across any broker (Zerodha, ICICI Direct, HDFC Securities, etc.).
Startup or private company equity listed
No Indian institution reports this. It is entirely your obligation. Include cost basis and current fair value estimate.
Undematerialized shares listed
Physical share certificates or cap table entries. The IRS has no record of these unless you report them.
PPF, NPS, and life insurance policies noted
These likely need to be reported on Form 8938. Confirm with your CPA — treatment can vary.
Step 3 — Check Your Thresholds
Add up all assets in USD using the official IRS annual average exchange rates (IRS.gov, Treasury Reporting Rates). Not your bank's rate.
Living outside the US
Single — year end$200,000
Single — any point$300,000
Married — year end$400,000
Married — any point$600,000
Living in the US
Single — year end$50,000
Single — any point$75,000
Married — year end$100,000
Married — any point$150,000
FBAR threshold is separate and lower: if any single foreign account crossed $10,000 at any point during the year, you must file — regardless of your Form 8938 position.
Total assets converted to USD and compared to Form 8938 threshold
Above the threshold? File Form 8938 with your Form 1040.
All bank accounts checked against FBAR $10,000 threshold
Even if an account is now empty, if it crossed $10,000 at any point during the year, it must be reported on FBAR.
Step 4 — File the Right Forms
Form 8938 filed with my US tax return (Form 1040)
Due April 15, or June 15 if living abroad. Lists all specified foreign financial assets above the threshold.
Form 8621 filed — one per Indian mutual fund scheme
Indian mutual funds are PFICs. Five funds means five separate forms. Filed with your 1040. Most standard tax software cannot handle this.
FBAR (FinCEN Form 114) filed at fincen.gov
Filed separately from your tax return. Due April 15, automatically extended to October 15. Each account is a separate entry.
Schedule B completed for Indian interest and dividends
NRE interest, NRO interest, FD interest, stock dividends. Note: NRE interest is tax-free in India but taxable in the US.
Form 1116 filed if TDS was deducted in India
Claim the foreign tax credit to avoid double taxation. The India-US DTAA provides additional relief but you must actively claim it.
Step 5 — Update Your Declarations
FATCA self-declaration updated at all institutions
Especially any old local resident accounts (ICICI, Union Bank, SBI savings) where you may never have declared your US status. The bank reports only what it knows.
Step 6 — If You Are Behind
Do not quietly start filing correctly this year while ignoring prior years. The IRS calls this “quiet disclosure” and has warned against it. Get professional advice before filing anything.
I have spoken to a CPA who specialises in US expat and NRI taxation
Someone experienced with Form 8938, FBAR, Form 8621, and the India-US DTAA. Not a generalist.
I have reviewed the IRS Streamlined Filing Procedures
SFOP (living outside US): zero penalty for non-willful violations. File 3 years of returns and 6 years of FBARs. SDOP (living in US): 5% offshore penalty applies.
Quick Reference: Which Assets Need What
Asset
Form 8938
FBAR
Also
NRE / NRO / FCNR accounts
Yes
If >$10K
Schedule B
Fixed deposits (FDs)
Yes
If >$10K
Schedule B
Indian mutual funds
Yes
If in demat
Form 8621 per fund
Demat / Indian stocks
Yes
Yes
Schedule B
Interest and dividends
Yes
—
Schedule B
Private startup equity
Yes
No
Cost basis on 8938
Undematerialized shares
Yes
No
Cost basis on 8938
PPF / NPS / life insurance
Ask CPA
Sometimes
—
Property (personal, direct)
No
No
Rental: Schedule E
Gold / jewellery / art
No
No
—
Cash outside a bank
No
No
—
Want the full guide?
Read the complete plain-English FATCA guide for NRIs — what your bank reports, what you must file, and what happens if you don’t.