GLOSSARY · NRI: INDIANS IN THE US
PPF, EPF and NPS
India's long-term savings and retirement schemes: the Public Provident Fund, the Employees' Provident Fund and the National Pension System. The FBAR and Form 8938 instructions do not name them. Form 8938 covers interests in foreign pension plans, while the FBAR exemption for retirement plans names only US plans (sections 401(a), 403(a) and 403(b)) and IRAs, so whether these schemes go on the FBAR is a point on which practitioners differ.
Also called: PPF, EPF, NPS, Public Provident Fund, Employees' Provident Fund, National Pension System, Indian provident fund FBAR
COMPUTE IT WITH YOUR NUMBERS
LEARN IT PROPERLY
CHAPTER · TWO-COUNTRY MONEY · FOUNDATIONSReporting Your Indian Accounts to the IRSRELATED TERMS
SOURCES
- Instructions for Form 8938. Internal Revenue Service.
- Report of Foreign Bank and Financial Accounts (FBAR). Internal Revenue Service.
- 31 CFR 1010.350(g)(4): participants in certain retirement plans. Code of Federal Regulations.