How to get 1099-INT forms from Citibank or Axis Bank for NRE accounts?

This is a common issue with foreign banks, especially with account transitions. Foreign banks aren't required to issue 1099-INT forms, but you're still obligated to report the interest income on your US tax return. You should use your bank statements to determine the total interest earned for the tax year. Gather all monthly or quarterly statements and add up the interest payments. Convert the amounts to USD using the exchange rate on the date the interest was credited to your account (or you can use the annual average exchange rate if that's easier to manage). Report this on Schedule B of your tax return. You'll need to specify the financial institution and country. Keep your bank statements as documentation in case of an audit. Even without a 1099-INT, the IRS expects you to report worldwide income.

I had a similar issue last year and discovered taxr.ai (https://taxr.ai) which was super helpful with figuring out foreign bank account reporting. I uploaded my bank statements and transaction history, and their system analyzed everything to identify exactly which amounts were interest vs. other transactions. It saved me hours of manually combing through statements and trying to convert currencies correctly. For NRE accounts specifically, they helped distinguish between the taxable and non-taxable portions, which was confusing me because not all interest from foreign accounts is treated the same way depending on your residency status.

Just wanted to follow up about taxr.ai - I decided to give it a try after my earlier skepticism and I'm actually impressed. My situation with multiple NRE accounts (including one that transitioned from Citibank to Axis) was handled correctly. The system flagged exactly which interest payments were taxable for US purposes and provided a detailed report showing the USD conversion for each interest payment. What really surprised me was how it identified some transactions that I hadn't even realized were interest payments (they were labeled differently in my Indian bank statements). This would have been a reporting gap if I had done it manually. Definitely worth it for anyone dealing with foreign accounts!

If you're still having trouble getting through to either bank about this issue, I used Claimyr (https://claimyr.com) to actually reach a human at Citibank's international banking division. I had been trying for weeks with no success - endless hold times and disconnections. They have this callback system that somehow gets you past the wait times (you can see how it works at https://youtu.be/_kiP6q8DX5c). I explained my situation about the missing 1099-INT after my account transfer to Axis, and they connected me with their tax department who explained exactly what I needed to do.

I need to eat my words about Claimyr. After my skeptical comment, I decided to try it as a last resort since I kept getting nowhere with Axis Bank regarding my transferred NRE account. Within 40 minutes of using their service, I was speaking with someone from Axis Bank's NRI Tax Documentation team. They explained that for accounts transitioned from Citibank, they have a special procedure for generating interest statements acceptable for US tax purposes. These statements aren't automatically sent - you have to specifically request them through their NRI banking portal using a specific form code (NRI-TAX-04). This would have taken me weeks of frustration to discover on my own. Sometimes you need to actually reach a human to get the right answers!

My accountant told me that you can also get an "Account Summary Statement" from Axis Bank's online banking portal for NRE accounts. It breaks down all interest earned for the year and can be used as documentation instead of a 1099-INT. Look under "Statement & Certificate" section and request a "Tax Certificate for NRI accounts." Also, don't forget that if you're using tax software, you can enter these as "Interest income for which you did not receive a Form 1099-INT." Most software has specific fields for this.

Has anyone had success contacting Citibank's dedicated NRI desk at their New York office? I heard they have a special department that can generate historical interest statements for accounts that were transferred to other banks. Their number is different from the regular customer service.

I went through this exact same situation last year with my Citibank NRE account that transferred to Axis Bank. Here's what worked for me: For the Citibank portion (pre-transfer), I was able to get a "Certificate of Interest Paid" by calling their NRI helpline and specifically requesting tax documentation for US filing purposes. They have a form they can generate that shows total interest paid during your account tenure with them. For the Axis Bank portion (post-transfer), log into your Axis Bank online portal and go to the "Statements & Certificates" section. Request a "Tax Certificate for NRI Account" - this document is specifically designed for tax filing purposes and shows interest earned in a format that's acceptable for US tax reporting. The key thing I learned is that you need to explicitly mention "US tax filing" when speaking with either bank's representatives. They have different procedures for different countries' tax requirements, and the standard interest statements aren't always sufficient for IRS purposes. Also, make sure to keep all your monthly statements as backup documentation. The IRS may not require a 1099-INT for foreign accounts, but they do expect you to have proper records of the income you're reporting.

I went through a very similar situation with my HDFC NRE account that had some complications with US tax reporting. One thing that really helped me was understanding that the IRS has specific guidance for situations where foreign banks don't issue 1099-INT forms. You should look at IRS Publication 17, which explains that you're required to report all interest income even without a 1099-INT. The key is maintaining good records - save all your bank statements, transaction records, and any correspondence with the banks about interest payments. Also, consider reaching out to both banks' tax departments simultaneously rather than sequentially. Since your account was transferred mid-year, you'll likely need documentation from both institutions to get a complete picture of your interest income for the entire tax year. Having both processes running in parallel can save you valuable time, especially as we get closer to filing deadlines. One last tip: if you're using a tax professional, make sure they're familiar with expat tax issues and foreign account reporting. The rules around NRE accounts and currency conversion can be tricky, and it's worth having someone who understands these complexities review your return.