Indian Funds in Swiss Banks Fall to ₹36,793 Crore Amidst Shift in Deposit Patterns
Recent data from the Swiss National Bank (SNB) reveals a complex shift in how Indian capital is being parked in Switzerland. While the total volume of funds linked to Indian clients saw an 8% decline in 2025, a significant surge in direct customer deposits suggests a change in how individuals and institutions are managing their offshore wealth.
Total Indian-Linked Assets See an 8% Decline
According to the latest annual report released by the Swiss National Bank, funds linked to Indian clients fell by more than 8% in 2025, settling at 3.25 billion Swiss francs (approximately ₹36,793 crore). This contraction follows a notable rebound in 2024, when funds had surged threefold to 3.5 billion Swiss francs—the highest level since 2021.
The primary driver behind this year's decline was the reduction in funds held through other banks and financial institutions. These institutional holdings, which constitute the largest portion of Indian-linked assets in Switzerland, dropped by nearly 15% to reach roughly 2.6 billion Swiss francs. Other segments also saw significant retreats: assets held through fiduciaries and trusts plummeted by 55% to 18.6 million Swiss francs, while other liabilities such as bonds and securities fell to 105.7 million Swiss francs.
Direct Customer Deposits Surge by 50%
Despite the overall downward trend in total assets, there is a striking counter-trend in individual and institutional holdings. Funds held directly in customer accounts rose sharply by more than 50%, reaching 524 million Swiss francs (approximately ₹6,000 crore).
While this growth is substantial, these direct deposits represent only about 16% of the total Indian-linked amount in Swiss banks. This divergence suggests that while large-scale institutional routing through intermediary banks is decreasing, individual and direct institutional interest in Swiss banking remains robust. Furthermore, separate figures from the Bank for International Settlements (BIS) indicated that deposits held by Indian individuals rose 20% in 2025 to USD 89.73 million (about ₹780 crore).
Global Context and Regulatory Transparency
El SNB aclaró que estas cifras representan el total de los pasivos de los bancos suizos hacia clientes indios —incluyendo depósitos de empresas, bancos y particulares— y no deben considerarse como una medida definitiva de "dinero negro". Desde 2018, Suiza e India participan en el intercambio automático de información de cuentas financieras para garantizar la transparencia fiscal.
En el panorama global más amplio, India mejoró su clasificación de poseedores de fondos en Suiza, ascendiendo al puesto 46 desde el 48 el año anterior. En contraste, mientras que los fondos de Pakistán disminuyeron a 257 millones de francos suizos, Bangladesh experimentó un aumento masivo del 43%, alcanzando los 842 millones de francos suizos. A nivel mundial, el Reino Unido sigue siendo el principal poseedor de fondos en los bancos suizos, con 192 mil millones de francos suizos.
Conclusiones clave
- Descenso general: Los activos totales vinculados a la India en los bancos suizos cayeron más de un 8% hasta los ₹36.793 crore, debido principalmente a una caída del 15% en los fondos mantenidos a través de instituciones financieras.
- Crecimiento de los depósitos directos: A pesar de la caída general, los depósitos directos de clientes experimentaron un aumento masivo del 50%, alcanzando aproximadamente los ₹6.000 crore.
- Estándares de transparencia: Los datos excluyen los activos mantenidos a través de entidades de terceros países y están sujetos al marco de intercambio automático de información fiscal vigente entre la India y Suiza.