Indian Bank : FACTA declaration

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Member since: Aug 04
Posts: 228

Post ID: #PID Posted on: 03-09-17 23:07:40

Originally posted by Fido

One of the Indian Nationalized Banks with whom I have accounts with , is asking for a FACTA declaration , the other one (SBI) has still not asked .

FACTA has more to do with IRS asking details of US related people ... However the Banker clarified that Canada is also a part of the 58 countries who have signed FACTA ...

I am hesitant in giving this , if it is not mandatory.

Have others CDs also received request for FACTA declarations from their Indian Banks ?

(Fyi , I have a Canadian Passport and the Bank is aware of that )

Hey Fido,

Did you work or have a mailing address in the US ever and share that with that bank?


Member since: Jan 10
Posts: 30
Location: Markham

Post ID: #PID Posted on: 29-10-17 19:46:08

Just received a FATCA notification from ICICI Bank where I have a NRE/NRO acc.
Is this now mandatory, even for Canadian citizens with OCI? This looks like its more targeted towards the US citizens with OCI.
I am pretty worried about sharing details with the India authorities because I don't know how this information will be used against me in future.
I have less than Rs 50000 in the NRO acc, and a ICICI - IPRU ELITE LIFE II.
I also found this link:

It says Canada will start sharing information with India based on FATCA from Sep 2018. Not sure whether this information is valid or not!

Fido, any latest updates about the FATCA query that you had received from your Indian bank yet??

Originally posted by Fido

We will cross the bridge when we reach it.

I did not submit the FACTA declaration to the Bank which asked for it till now and after a few follow ups, they have stopped sending me any emails.

I am not supplying any additional information to them till I visit India next OR they serve some kind of an ultimatum.

Providing details to CBDT -let them go ahead and do it as India has a dual treaty with Canada and whatever I am earning here , I am paying taxes on that - I am certainly not merging the 2 accounts till both the Govts make it mandatory.

Member since: Jan 05
Posts: 449

Post ID: #PID Posted on: 07-12-17 17:27:55

Sept 2018 and all financial info will be shared between CRA and indian tax authorities-the link above says it all

Member since: Jun 21
Posts: 2

Post ID: #PID Posted on: 11-06-21 13:21:26


I am having the same issue. My application is rejected and they are asking for the SIN number. I am very reluctant to give the information. Did anyone manage to get a NRI account without the SIN . FATCA is relevant to US person not Canadian

Thanks ... please let me know

Member since: Jun 21
Posts: 2

Post ID: #PID Posted on: 11-06-21 13:34:38

The circular implies we need to provide the SIN number...

Can anyone confirm?

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