Yes, you should report the interest in your foreign account every year. Though India doesn't issue a 1099-INT, enter the income as though you had received one. If you paid foreign taxes to India, be sure to enter that information as well, so you can possibly qualify for the foreign tax credit.
You may need to file an FBAR FinCEN 114 and IRS Form 8938.
FBAR - Report of Foreign Bank and Financial Accounts (FinCEN Form 114)
A United States person that has a financial interest in or signature authority over foreign financial accounts must file an FBAR if the aggregate value of the foreign financial accounts exceeds $10,000 at any time during the calendar year. The name of the form to file If you have any questions or require technical assistance using the BSA E-Filing system, you may call them at 866-270-0733; or if calling from outside the United States, 313-234-6146.
Report of Foreign Bank and Financial Accounts (FBAR)
Foreign Accounts Tax Compliance Act (FATCA)
Under FATCA, certain U.S. taxpayers holding financial assets outside the United States must report those assets to the IRS on Form 8938, Statement of Specified Foreign Financial Assets. The IRS receives information about foreign assets on form 8938 on your federal tax return.
The FBAR is filed electronically through the Financial Crimes Enforcement Network’s BSA E-Filing System. You don’t file the FBAR with your federal tax return.
Here is an IRS article that explains the comparison between FATCA and FBAR requirements.
