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.
À l'échelle mondiale, l'Inde a amélioré son rang, passant de la 48e à la 46e position dans la liste des pays détenant les fonds les plus importants dans les banques suisses. À titre de comparaison, le Royaume-Uni reste le leader avec 192 milliards de francs suisses. En Asie du Sud, alors que les fonds du Pakistan ont chuté à 257 millions de francs suisses, le Bangladesh a enregistré une augmentation significative de 43 % pour atteindre 842 millions de francs suisses.
Depuis 2018, la Suisse et l'Inde sont engagées dans l'échange automatique d'informations sur les comptes financiers, garantissant une plus grande transparence fiscale et une surveillance réglementaire accrue concernant le patrimoine offshore.
Points clés
- Baisse des actifs totaux : Les fonds liés à l'Inde dans les banques suisses ont chuté de 8 % pour atteindre 36 793 crores ₹, principalement en raison d'une baisse de 15 % des avoirs institutionnels.
- Hausse des dépôts directs : Malgré le déclin global, les dépôts directs des clients ont connu une hausse massive de 50 %, atteignant environ 6 000 crores ₹.
- Amélioration du classement mondial : L'Inde est passée de la 48e à la 46e place parmi les pays détenant des actifs importants dans les banques suisses.