It depends. I don't know what your specific information is, but here is how I would respond to shubham. This may answer your question based on his scenario.
When filing your FBAR (Foreign Bank and Financial Accounts Report), the key is to report the maximum value of each account during the year, not the cumulative total of all transactions. Here's how you can approach your scenario:
- Savings Account: Report the maximum value of $350,000 which occurred after the Fixed Deposit 1 matured and the funds were deposited into the account.
- Fixed Deposit 1: Report the maximum value of $250,000 which was the maturity amount before it was transferred to the savings account.
- Fixed Deposit 2: Report the maximum value of $200,000 which was the amount used to create this new deposit.
You are correct that the same money is being moved between accounts, but for FBAR purposes, each account's maximum value must be reported separately. This doesn't mean you are "double-counting" your total wealth; it's simply a reporting requirement to ensure transparency about the movement of funds.
@Knjkumar
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