@rajeshh , what IRS is covering here are
(a) for the big value foreign accounts owned through 8938
(b) for the small value ( / and / multiple small value ) accounts owned or those with ONLY signature ( but not "owned" ) through FBAR.
(c) Note that those whom come under the FATCA ) form 8938, they may still qualify for FBAR.
Today also most foreign banks and financial entities collaborate and share info, with the US Treasury.
Thus , even when in doubt , file the forms --- you don't want to attract the onerous fins/penalties. It is not a tax event anyway
If I have satisfied your query, please consider "accept the answer " and/or upvote ---- if not , tell me how to earn it.
pk
