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.
Em escala global, a Índia melhorou seu posicionamento, subindo do 48º para o 46º lugar na lista de países com os maiores fundos em bancos suíços. Para fins de comparação, o Reino Unido permanece na liderança com 192 bilhões de francos suíços. No Sul da Ásia, enquanto os fundos do Paquistão caíram para 257 milhões de francos suíços, Bangladesh registrou um aumento significativo de 43%, chegando a 842 milhões de francos suíços.
Desde 2018, a Suíça e a Índia estão envolvidas na troca automática de informações de contas financeiras, garantindo maior transparência fiscal e supervisão regulatória em relação ao patrimônio offshore.
Principais Conclusões
- Ativos Totais em Queda: Os fundos ligados à Índia em bancos suíços caíram 8%, para ₹36.793 crore, em grande parte devido a uma queda de 15% nas participações institucionais.
- Depósitos Diretos em Alta: Apesar do declínio geral, os depósitos diretos de clientes tiveram um aumento massivo de 50%, chegando a aproximadamente ₹6.000 crore.
- Melhora no Ranking Global: A Índia subiu do 48º para o 46º lugar entre os países que detêm ativos significativos em bancos suíços.