Indian Funds in Swiss Banks Dip to ₹36,793 Crore Amid Rising Direct Deposits
Recent data from the Swiss National Bank (SNB) reveals a complex shift in how Indian capital is parked in Switzerland, with overall funds declining despite a massive surge in direct customer holdings. While the total volume of Indian-linked assets saw an 8% contraction in 2025, the behavior of individual and institutional depositors suggests a move toward more direct banking relationships.
The Decline in Total Indian-Linked Assets
According to the latest annual report released by the SNB, funds linked to Indian clients fell by more than 8% in 2025, settling at 3.25 billion Swiss francs (approximately ₹36,793 crore). This decline follows a significant rebound in 2024, where funds had surged threefold to 3.5 billion Swiss francs.
The downward trend was primarily driven by a reduction in funds held through intermediary banks and financial institutions, which constitute the bulk of the assets. These institutional holdings dropped by nearly 15% to approximately 2.6 billion Swiss francs. Furthermore, assets held through fiduciaries and trusts saw a steep decline of 55%, falling to 18.6 million Swiss francs, while other financial instruments like bonds and securities also saw a contraction.
A 50% Surge in Direct Customer Deposits
While the aggregate figure is down, there is a notable shift in the composition of these funds. Deposits held directly in customer accounts—belonging to individual and institutional clients—surged by more than 50% during the year. These direct holdings reached 524 million Swiss francs (around ₹6,000 crore), representing roughly 16% of the total Indian-linked assets in Switzerland.
This trend aligns with separate figures from the Bank for International Settlements (BIS), which often provide a more granular look at individual wealth. BIS data indicated that such deposits rose by 20% in 2025 to USD 89.73 million (about ₹780 crore), signaling a continuous recovery in personal wealth management services over the last two years.
Contextualizing the Data: Transparency and Rankings
El Banco Nacional Suizo ha aclarado que estas cifras representan el total de los pasivos de los bancos suizos hacia los clientes indios, incluyendo depósitos de individuos, empresas y bancos, así como pasivos que no son depósitos. Fundamentalmente, el SNB enfatizó que estas cifras no deben interpretarse como una medida de "dinero negro". Desde 2018, Suiza e India participan en el intercambio automático de información de cuentas financieras bajo un marco de transparencia fiscal.
En el escenario mundial, India mejoró su posición entre las naciones poseedoras de fondos, ascendiendo al puesto 46 desde el 48 el año anterior. En comparación, mientras que los fondos de Pakistán en los bancos suizos disminuyeron a 257 millones de francos suizos, Bangladesh experimentó un fuerte aumento del 43%, alcanzando los 842 millones de francos suizos.
Conclusiones clave
- Descenso general: El total de los fondos vinculados a India en los bancos suizos cayó un 8% hasta los 3.250 millones de francos suizos (₹36.793 crore) en 2025, debido en gran medida a una caída en las tenencias institucionales y fiduciarias.
- Crecimiento de los depósitos directos: A pesar de la caída total, los depósitos directos de clientes experimentaron un aumento masivo del 50%, alcanzando los 524 millones de francos suizos (₹6.000 crore).
- Medidas de transparencia: Los datos excluyen los activos mantenidos a través de entidades de terceros países y operan bajo un estricto marco de intercambio automático de información fiscal entre India y Suiza.