Indian Funds in Swiss Banks Dip 8% to ₹36,793 Crore in 2025

The latest data from the Swiss National Bank (SNB) reveals a complex shift in Indian capital held within Swiss financial institutions. While the total volume of Indian-linked assets saw a notable decline in 2025, a significant surge in direct customer deposits suggests a change in how Indian wealth is being structured and managed.

Overall Decline Driven by Institutional Shifts

According to the annual data released by the Swiss National Bank, total funds linked to Indian clients fell by over 8 per cent in 2025, settling at 3.25 billion Swiss francs (approximately ₹36,793 crore). This contraction follows a massive rebound in 2024, when funds had surged threefold to 3.5 billion Swiss francs.

The primary driver behind this 2025 decline was the reduction in funds held through banks and other financial institutions, which plummeted by nearly 15 per cent to 2.6 billion Swiss francs. Furthermore, assets held through fiduciaries and trusts saw a drastic 55 per cent drop, falling to 18.6 million Swiss francs. Other non-deposit liabilities, including bonds and securities, also declined to 105.7 million Swiss francs.

Direct Customer Deposits Surge by 50%

Despite the downward trend in total assets, there is a striking counter-trend in individual and institutional holdings. Deposits held directly in customer accounts rose by more than 50 per cent during the year, reaching 524 million Swiss francs (around ₹6,000 crore).

While this represents a massive growth in direct engagement, these customer accounts still only constitute about 16 per cent of the total Indian-linked assets in Switzerland. Interestingly, separate figures from the Bank for International Settlements (BIS)—often considered a more precise indicator of individual deposits—showed a 20 per cent rise to USD 89.73 million (roughly ₹780 crore), reinforcing the trend of recovering individual wealth in Swiss accounts.

Global Context and Tax Transparency

The SNB clarified that these figures represent total liabilities towards Indian clients, including deposits from companies and banks, and do not serve as a direct measure of "black money." It is also important to note that the data excludes assets held through entities incorporated in third countries.

A escala global, la India mejoró su posición, ascendiendo del puesto 48 al 46 en la lista de países con los mayores fondos en bancos suizos. A modo de comparación, el Reino Unido sigue siendo el líder con 192.000 millones de francos suizos. En el sur de Asia, mientras que los fondos de Pakistán disminuyeron a 257 millones de francos suizos, Bangladesh experimentó un aumento significativo del 43 % hasta alcanzar los 842 millones de francos suizos.

Desde 2018, Suiza y la India participan en el intercambio automático de información de cuentas financieras, lo que garantiza una mayor transparencia fiscal y supervisión regulatoria con respecto a la riqueza en el extranjero.

Conclusiones clave

  • Activos totales a la baja: Los fondos vinculados a la India en bancos suizos cayeron un 8 % hasta los ₹36.793 crore, debido en gran medida a una caída del 15 % en las participaciones institucionales.
  • Depósitos directos al alza: A pesar del descenso general, los depósitos directos de clientes experimentaron un aumento masivo del 50 %, alcanzando aproximadamente los ₹6.000 crore.
  • Mejora en el ranking global: La India ascendió del puesto 48 al 46 entre los países que poseen activos significativos en bancos suizos.