Add each account and its highest balance during the year. This works out the dollar value the way FinCEN wants it, tells you whether you crossed $10,000, and gives you the exact numbers to type into the form.
1. The year and the rate
FBAR uses one rate for the whole year: the US Treasury's rate for 31 December of that year. Not the rate on the day your balance peaked, and not your bank's rate.
2. Your accounts
One row per account. Use the highest balance it reached at any point in the year, not the closing balance.
Type
Bank / institution
Whose account
Highest balance
Currency
Max value
Which accounts count?
NRE, NRO and FCNR accounts — yes, including NRE even though it's tax-free in India
Savings accounts and fixed deposits — yes
PPF — yes
Demat accounts and Indian mutual funds — yes
ULIPs and life insurance with a cash value — yes
Joint accounts with parents — yes, and you report the full balance, not your share
Accounts you can sign on but don't own — yes, reported differently (signature authority)
Indian real estate held directly — no, property itself isn't a financial account
Result
Add an account to see where you stand
3. What to type into Form 114
FinCEN rounds up to the next whole dollar, so these figures are already rounded. File free at the BSA E-Filing System.
Want us to file it for you?
We do this every day for Indians in the US. If you've missed earlier years, there's a penalty-free route for most people — that's worth a conversation before you file anything.
General guidance only, not tax or legal advice. Rates change every year — always check the figure against the Treasury Reporting Rates of Exchange before filing. Your entries stay in this browser and are never sent anywhere unless you choose to email them to yourself.