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t1honors
New Member

Since CitiBank is an U.S. Financial Institution, Is CitiBank-India considered a Foreign Bank or a Foreign Branch of an U.S Financial Institution?

Does form 8938 need to be filed, if the individual has a Citibank-India NRE / NRO account?

1 Reply
pk
Level 13
Level 13

Since CitiBank is an U.S. Financial Institution, Is CitiBank-India considered a Foreign Bank or a Foreign Branch of an U.S Financial Institution?

From the name of the bank , I would assume that this is wholely owned subsidiary of the US entity  but it is formed under the laws of India.  You may not have to file the form 8938   ( and certainly since India has agreement with the  US on FATCA, "know your customer" would be in full swing  ).  But I would play it safe and file --- it costs nothing extra ( except perhaps a little  time )  -- the  penalties for misreading and not filing is extremely honrous.  That is my opinion.

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