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

Bank Nasional Swiss telah mengklarifikasi bahwa angka-angka ini mewakili total kewajiban bank-bank Swiss terhadap klien India, termasuk simpanan dari individu, perusahaan, dan bank, serta kewajiban non-simpanan. Yang terpenting, SNB menekankan bahwa angka-angka ini tidak boleh ditafsirkan sebagai ukuran "uang gelap". Sejak 2018, Swiss dan India telah terlibat dalam pertukaran informasi rekening keuangan secara otomatis di bawah kerangka transparansi pajak.

Di kancah global, India meningkatkan posisinya di antara negara-negara pemegang dana, naik ke peringkat ke-46 dari peringkat ke-48 pada tahun sebelumnya. Sebagai perbandingan, sementara dana Pakistan di bank-bank Swiss turun menjadi 257 juta franc Swiss, Bangladesh mengalami kenaikan tajam sebesar 43%, mencapai 842 juta franc Swiss.

Poin-Poin Penting

  • Penurunan Keseluruhan: Total dana terkait India di bank-bank Swiss turun 8% menjadi 3,25 miliar franc Swiss (₹36.793 crore) pada tahun 2025, sebagian besar disebabkan oleh penurunan kepemilikan institusional dan fidusia.
  • Pertumbuhan Simpanan Langsung: Meskipun terjadi penurunan total, simpanan nasabah langsung mengalami kenaikan masif sebesar 50%, mencapai 524 juta franc Swiss (₹6.000 crore).
  • Langkah-Langkah Transparansi: Data ini tidak mencakup aset yang dimiliki melalui entitas negara ketiga dan beroperasi di bawah kerangka pertukaran informasi pajak otomatis yang ketat antara India dan Swiss.