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Hi,
I have a NRI account outside U.S., and the account has some fixed deposits on my parents name. The account value exceeds $10,000 only after including those fixed deposits.
There are few key things to keep in mind:
1. The money was never transferred from my account in U.S.
2. None of the Fixed Deposits have matured, and there has been no money transfer from this account to my account in U.S.
3. Even after the fixed deposits mature, the money from this account will never be transferred to my account in U.S, it will go to the parents account.
I'm filling out the FBar form since I have a signature authority over that account.
Out of 2 options on FBar form for #14 i.e.
14a Does the filer have a financial interest in 25 or more financial accounts?
14b Does the filer have signature authority over but no financial interest in 25 or more financial accounts?
Which one do I select and why ?
I have a NRI account outside U.S., and the account has some fixed deposits on my parents name. The account value exceeds $10,000 only after including those fixed deposits.
There are few key things to keep in mind:
1. The money was never transferred from my account in U.S.
2. None of the Fixed Deposits have matured, and there has been no money transfer from this account to my account in U.S.
3. Even after the fixed deposits mature, the money from this account will never be transferred to my account in U.S, it will go to the parents account.
I'm filling out the FBar form since I have a signature authority over that account.
Out of 2 options on FBar form for #14 i.e.
14a Does the filer have a financial interest in 25 or more financial accounts?
14b Does the filer have signature authority over but no financial interest in 25 or more financial accounts?
Which one do I select and why ?
