Indian Money In Swiss Banks Triples To ₹37,600 Cr

The money held by Indian clients in Swiss banks increased sharply in 2024, reaching the highest level in three years. According to new data released by the Swiss National Bank (SNB), total deposits from Indian customers stood at 3,545.54 million Swiss francs, which is approximately Rs 37,600 crore.

This is a significant jump compared to 2023, when the total deposits were only 1.04 billion Swiss francs, around Rs 11,000 crore. The current figure is also among the highest since 2021, when Indian deposits had touched 3.83 billion francs, or approximately Rs 41,000 crore.

Key Data Points

In 2024, Indian funds in Swiss banks totaled 3.54 billion Swiss francs, which translates to around Rs 37,600 crore. In contrast, the deposits in 2023 were only 1.04 billion francs or Rs 11,000 crore. The last time deposits were this high was in 2021.

Distribution of Funds

The SNB report highlights that the majority of Indian money in Swiss banks is not held directly by individuals. Instead, a large portion is routed through financial institutions and other banking channels.

Out of the total Rs 37,600 crore:

Around 3.02 billion Swiss francs were placed through other banks and financial institutions.

Only 346 million Swiss francs were held directly in individual customer accounts.

This means personal deposits account for just about 10 percent of the total, while the remaining 90 percent is held through indirect channels such as banks, trusts, bonds, and other securities.

Modest Growth in Personal Accounts

The amount in individual accounts grew by 11 percent from the previous year, reaching 346 million francs or roughly Rs 3,675 crore. Despite this increase, the direct customer holdings remain a small portion of the total.

Other components of the overall amount include 41 million francs via fiduciary or trust accounts and 135 million francs in bonds, securities, and other financial instruments.

What the Data Covers

The Swiss National Bank clarified that this figure represents total liabilities of Swiss banks towards Indian clients. It includes deposits from individuals, enterprises, and Indian banks. The data also includes the liabilities of Swiss bank branches operating in India.

It is important to note that these figures do not represent any illegal or undisclosed funds. They reflect official banking activity reported to SNB. The data does not include money that Indian citizens might hold in the names of companies or entities registered in third countries.

Switzerland Shares Data With India

Switzerland has been sharing financial data with India automatically since 2018 under an agreement for tax transparency. Every year, detailed account information of Indian residents with Swiss bank accounts is shared with Indian tax authorities.

In addition to the automatic exchange, Switzerland has also responded to hundreds of individual information requests from India where prima facie evidence of financial misconduct was presented.

India’s Global Rank

India ranked 48th in terms of foreign client deposits in Swiss banks at the end of 2024. This is a rise from 67th position in 2023, although slightly lower than its 46th rank in 2022.

The countries with the highest deposits were:

United Kingdom with 222 billion Swiss francs

United States with 89 billion francs

West Indies with 68 billion francs

Germany, France, Hong Kong, Singapore, Luxembourg, Guernsey, and the United Arab Emirates were also among the top ten.

India’s neighbors showed contrasting trends. Pakistan’s deposits declined to 272 million francs, while Bangladesh saw a sharp rise from 18 million to 589 million francs.

Conclusion

The sharp rise in Indian funds in Swiss banks in 2024 appears to be driven mostly by institutional money and banking flows, not personal savings. While individual accounts saw a small increase, most of the growth came from financial channels like trusts and securities.

Swiss authorities continue to cooperate with India on tax transparency, and the current figures do not indicate any hidden or illegal funds.