Hello,
My wife and I have opened joint DEMAT account in India with ICICI Bank in the year 2020. ICICI Bank opened total 4 Bank accounts to link 4 securities account each.
Two are as PINS NRO & NRE and the other two are as Non-PINS NRO & NRE. So, total 4 bank accounts and 4 securities accounts.
I am holding bank account balance for the account that is linked to PINS-NRO to hold stocks (equities) where stock (equity) transactions happened. Rest three accounts are having 0 balance from the day they opened as there are no transactions at all. Now I have few questions regarding FBAR reporting on those accounts:
1. Do I need to report only the account where the non-zero balance? Or report all accounts irrespective of balances?
2. Is it mandate to report stocks (equities) value balances? If so, how to report those stocks because the values varied based on stocks performance for the year 2020.
3. Is it okay to report only financial bank balances that are associated with Stock Trading accounts?
Your valuable guidance and suggestions are much appreciated. Thanks in advance.
Ramki
