General Studies · KYC, FATCA and CRS Guidelines
A Scheduled Commercial Bank identifies three separate accounts during its annual KYC update and FATCA/CRS due diligence: (i) A Savings Account of a US citizen (individual) who is a resident of India, holding a balance of INR 5 lakhs. (ii) A Current Account of a partnership firm with a total balance of INR 20 lakhs, where all three partners are tax residents of Singapore. (iii) A Fixed Deposit account of an individual who is a tax resident solely of India, holding a balance of INR 50 lakhs, but who also holds a valid US Green Card. Considering the Indian Income Tax Rules (Section 285BA) for reporting under FATCA/CRS, which account or accounts must the bank report to the Indian Income Tax Authorities?
Verified Solution4 OptionsUpdated: October 2026👁️1 View
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- 1Accounts (i) and (ii) are reportable; account (iii) is reportable under FATCA because of the US Green Card status, making it a Specified US Person regardless of Indian tax residency.
- 2Accounts (i) and (iii) are reportable under FATCA, and account (ii) is reportable under CRS.✓
- 3Only account (ii) is reportable under CRS because the firm's partners are tax residents of a CRS partner jurisdiction.
- 4Only account (i) is reportable under FATCA; account (iii) is not reportable because the individual is a tax resident of India.
Correct answer
Accounts (i) and (iii) are reportable under FATCA, and account (ii) is reportable under CRS.
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