Do I need to report a fixed deposit or recurring deposit held back home?
Yes — a fixed deposit (FD), recurring deposit, or term deposit at a foreign bank is a foreign financial account and counts toward your FBAR aggregate and Form 8938 thresholds. People often overlook these because the money is locked for a term and isn't a 'spending' account, but the FBAR uses the maximum value during the year, so a maturing FD that briefly held a large sum still counts at its peak. Include every FD across every bank when you total your accounts against the $10,000 line. Separately, the interest these deposits earn is taxable on your U.S. return as worldwide income each year — even if it's reinvested or not yet paid out — and you can claim a foreign tax credit for any Indian TDS withheld. So report the balance on the FBAR and the interest on your 1040. List each deposit's account number and peak balance to make filing straightforward.