@sumanthmvis Namaste ji
(a) Are you on work visa or long-term US person ( citizen/GreenCard ) ?
(b) FBAR is filed ( and ONLY on-line ) at Fincen.gov -- form 114 . It covers liquid asset i.e. bank assets. Generally the threshold is US$10,000 ( aggregated over all bank accounts ).
(c) For specified financial assets -- FATCA -- form 8939 is attached to your return ( federal only )
(d) For a comparison of FBAR and FATCA requirements , see this --> Comparison of Form 8938 and FBAR requirements | Internal Revenue Service
(e) If you are not here temporarily, please re-consider owning Mutual Funds in India -- these may be classed as PFIC ( Passive Foreign Investment Company ) resulting in requiring you to recognize annual growth and therefore being taxed. There is a lot of information on PFIC at financial sites -- PFIC Tax Rules: What Expats Need to Know About Foreign Funds
(f) why are you referring to form 3520 --- do you own a foreign trust or receive distribution from one ?
Please answer my questions and I will circle back --yes ?
If you wish for privacy , consider using PM ( just NO PII -- Personally Identifiable Information ). , else just add to this thread.
Is there more I can do for you ?
Namaste ji
pk
