Being on H1-B visa, do we need to file FBAR?
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It depends but if you are considered a US resident during the 2017 calendar tax year, then you would need to file an FBAR is you meet the requirements for filing.
Determining US residency for US income tax purposes is determined by your visa type and if you meet certain IRS tests - Green Card Test or the substantial presence test .
See this link for additional information US Tax Guide for Aliens.
Regarding your FBAR requirement -
If you have foreign bank accounts, you may be required to file a Report of Foreign Bank and Financial Accounts (FBAR) if are a US citizen or resident and::
Foreign financial accounts consist of all foreign financial accounts that you own separately or jointly or for which you have signatory authority over (such as a foreign business account that is owned by the business but for which you can sign checks or redirect funds).
To be directed to the US Treasury Government Website to prepare a Report of Foreign Bank and Financial Accounts, click FBAR (TurboTax does not support this form)
Here is a link to the IRS related to both the FBAR filing and the Form 8938 filing: IRS - Comparison of Form 8938 and FBAR Requirements
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