Indian Funds in Swiss Banks Dip to ₹36,793 Crore Despite 50% Surge in Customer Deposits

Recent data from the Swiss National Bank (SNB) reveals a complex shift in how Indian capital is parked in Switzerland. While the total value of funds linked to Indian clients saw an 8% decline in 2025, there is a significant internal pivot toward direct customer holdings.

The Paradox: Total Decline vs. Direct Deposit Growth

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

However, a deeper look at the composition of these funds tells a different story. While the aggregate amount dropped, deposits held directly in individual and institutional customer accounts saw a massive spike of over 50%. These direct deposits climbed to 524 million Swiss francs (around ₹6,000 crore), although they still represent only about 16% of the total Indian-linked assets in the country.

Why the Overall Figures Dropped

The primary driver behind the 8% decline was the reduction in funds routed through banks and other financial institutions. These institutional holdings, which make up the lion's share of the total, stood at roughly 2.6 billion Swiss francs at the end of 2025—a nearly 15% decrease from the previous year.

Other segments also saw significant contraction:

  • Fiduciaries and Trusts: Assets held through these channels plummeted by 55% to 18.6 million Swiss francs.
  • Other Liabilities: Bonds, securities, and various financial instruments declined to 105.7 million Swiss francs.

The SNB has been careful to clarify that these figures do not serve as a direct measure of "black money." The data specifically represents the total liabilities of Swiss banks toward Indian clients, including deposits from companies, individuals, and banks, as well as funds held through Swiss bank branches operating within India. Furthermore, the figures exclude assets held through entities incorporated in third countries.

Desde 2018, Suiza e India participan en el intercambio automático de información de cuentas financieras bajo un marco de transparencia fiscal. Esto garantiza que gran parte de la riqueza mantenida en estas cuentas forme parte de un ecosistema financiero documentado y regulado.

La posición global de la India en la banca suiza

A pesar de la caída en el volumen total, la India mejoró su posición global entre los clientes extranjeros, ascendiendo del puesto 48 al 46. A modo de comparación, el Reino Unido sigue siendo el principal poseedor de fondos en los bancos suizos con 192 mil millones de francos suizos. En la región del sur de Asia, mientras que Pakistán experimentó un descenso hasta los 257 millones de francos suizos, Bangladesh registró un fuerte incremento del 43%, alcanzando los 842 millones de francos suizos.

Conclusiones clave

  • Cambio en los patrones de tenencia: Mientras que el total de los fondos vinculados a la India cayó un 8% hasta los ₹36,793 crore, los depósitos directos de clientes aumentaron más del 50%, alcanzando los ₹6,000 crore.
  • Declive institucional: La caída general fue impulsada principalmente por una disminución del 15% en los fondos mantenidos a través de bancos y un desplome del 55% en los activos mantenidos a través de fiduciarios y fideicomisos.
  • Transparencia regulatoria: El SNB enfatizó que estas cifras no equivalen a riqueza ilícita, especialmente dado el intercambio automático de información financiera en curso entre la India y Suiza.