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.

Küresel ölçekte Hindistan, İsviçre bankalarındaki en büyük fonlara sahip ülkeler listesinde 48. sıradan 46. sıraya yükselerek konumunu iyileştirdi. Karşılaştırma yapmak gerekirse, Birleşik Krallık 192 milyar İsviçre frangı ile liderliğini koruyor. Güney Asya'da ise Pakistan'ın fonları 257 milyon İsviçre frangına gerilerken, Bangladeş 842 milyon İsviçre frangına ulaşarak %43'lük önemli bir artış kaydetti.

2018'den bu yana İsviçre ve Hindistan, offshore varlıklar konusunda daha yüksek vergi şeffaflığı ve düzenleyici denetim sağlamak amacıyla finansal hesap bilgilerinin otomatik değişimi sürecini yürütmektedir.

Önemli Çıkarımlar

  • Toplam Varlıklar Düştü: İsviçre bankalarındaki Hindistan bağlantılı fonlar, büyük ölçüde kurumsal varlıklardaki %15'lik düşüş nedeniyle %8 azalarak 36.793 crore ₹ seviyesine geriledi.
  • Doğrudan Mevduatlar Arttı: Genel düşüşe rağmen, doğrudan müşteri mevduatları yaklaşık 6.000 crore ₹ seviyesine ulaşarak %50'lik devasa bir artış gösterdi.
  • Gelişen Küresel Sıralama: Hindistan, İsviçre bankalarında önemli varlıklara sahip ülkeler arasında 48. sıradan 46. sıraya yükseldi.