If you're a US person (citizen, green card holder, or US tax resident) holding Indian bank accounts, NRE/NRO deposits, or Indian investments, you may have two separate annual US reporting obligations that exist independently of whether you owe any additional tax: FBAR and FATCA. They're often confused for each other, but they're different filings, with different thresholds, going to different places.
FBAR: a single, low threshold
FBAR (FinCEN Form 114) applies once the combined value of your foreign financial accounts — across all accounts, all countries — exceeds $10,000 at any point during the year, even briefly. It's filed electronically with FinCEN, not attached to your tax return, and the threshold doesn't vary by filing status or where you live.
FATCA: higher and more variable thresholds
FATCA reporting (Form 8938, filed with your tax return) uses meaningfully higher thresholds than FBAR, and — unlike FBAR — the exact number depends on your filing status and whether you live in the US or abroad, ranging from the tens of thousands of dollars up into the hundreds of thousands for a married couple living overseas. FATCA also covers a broader range of assets than FBAR — not just accounts, but certain foreign investments and interests held outside a traditional account. Check the current Form 8938 instructions for the exact figure that applies to your filing status and residence, since it's a multi-tier table, not one number.
It's entirely possible to owe both filings for the same accounts in the same year — FBAR and FATCA aren't a choice between the two. And this is separate from PFIC reporting: if your Indian holdings include mutual funds, the PFIC filing-threshold checker on this page addresses that distinct obligation, which layers on top of, not instead of, FBAR/FATCA.