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
瑞士国家银行（SNB）已澄清，这些数据代表瑞士银行对印度客户的总负债，包括个人、公司和银行的存款以及非存款负债。至关重要的是，SNB 强调，这些数字不应被解读为“黑钱”的衡量标准。自 2018 年以来，瑞士和印度已在税务透明度框架下开展金融账户信息的自动交换。
在全球范围内，印度在资金持有国中的排名有所上升，从上一年的第 48 位升至第 46 位。相比之下，尽管巴基斯坦在瑞士银行的资金下降至 2.57 亿瑞士法郎，但孟加拉国的资金大幅增长了 43%，达到 8.42 亿瑞士法郎。
核心要点
- 整体下降： 2025 年，瑞士银行中与印度相关的资金总额下降了 8%，至 32.5 亿瑞士法郎（₹36,793 亿卢比），这主要是由于机构和受托持有的资金减少所致。
- 直接存款增长： 尽管总额有所下降，但直接客户存款大幅增长了 50%，达到 5.24 亿瑞士法郎（₹6,000 亿卢比）。
- 透明度措施： 该数据不包括通过第三国实体持有的资产，并在印度与瑞士之间严格的自动税务信息交换框架下运行。