# FBAR: How to report Fixed Deposit matured and creating new Fixed Deposits during the year?



## shubham7jain (9 mo ago)

I wanted to understand how should I file in FBAR for the following scenario. 

I am an Indian living in USA and have a bank account and some Fixed Deposits in India. 

In 2021, 
Say, I have a bank account with value 100$ on Jan 1 and a Fixed Deposit 1 with value 200$
On June 1, Fixed Deposit got matured with amount 250$ and money from Fixed Deposit deposited back to Savings Account. Now, Balance of Savings Account is 350$
On June 30, I used 200$ to create another Deposit with new account number 2, so balance of my bank account is 150$.

At the end of the year, I had 150$ in bank account and 200$ in Fixed Deposit 2. 

Now, in FBAR, how should I report? Should I report bank account with max value of 350$ and FD 1 with value 250$ and FD 2 with value 200$? If yes, that looks like I am counting the same money thrice which is unnecessary increasing the total money in accounts by lot. 

Is that right to do so? If not, what should I do in this case? 

Note: Hypothetical amounts are used above. Actual amounts are much higher than these.


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## Moulard (Feb 3, 2017)

This is by design. You need to remember in its origin the FBAR had an anti-money laundering focus.

The max balance of each account is reported independently of each other and as a result the same dollars can be reported multiple times as they move from one account to another.


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## MyExpatTaxes (10 mo ago)

shubham7jain said:


> I wanted to understand how should I file in FBAR for the following scenario.
> 
> I am an Indian living in USA and have a bank account and some Fixed Deposits in India.
> 
> ...


*To keep things as simple as possible, we reccomend following these four steps:*


First, ignore any US accounts. You’ll only need to calculate foreign financial assets.
Next, calculate the MAXIMUM balance in the year for all accounts, not the ending balance. If you’re lucky, the online platform from your bank will be able to show you the highest balance of your account(s) that year and when. 
Then, add the maximum values together – as we talked about in point 5.
Finally, convert your monetary totals to USD. Converting after you’ve added the total value of all your accounts together is the easiest way. Once you’ve converted your total balances into USD, you can see if they total over $10,000 in US dollars.

Hope that helps!


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