Indian Funds in Swiss Banks Dip to ₹36,793 Crore Amid Rising Individual Deposits
Recent data from the Swiss National Bank (SNB) reveals a complex shift in how Indian capital is managed within Swiss financial institutions. While total funds linked to Indian clients saw an 8% decline in 2025, there has been a massive surge in direct customer deposits, signaling a change in how wealth is being structured.
The Decline in Institutional-Linked Funds
According to the annual report released by the SNB, total funds linked to Indian clients fell to 3.25 billion Swiss francs (approximately ₹36,793 crore) in 2025. This represents an 8% drop from the previous year, following a significant rebound in 2024 when funds had surged threefold to 3.5 billion Swiss francs.
The primary driver of this decline was the sharp contraction in funds held through banks and other financial institutions. These institutional assets stood at roughly 2.6 billion Swiss francs at the end of 2025, marking a nearly 15% decrease. Furthermore, assets held through fiduciaries and trusts plummeted by 55% to 18.6 million Swiss francs, while other liabilities, including bonds and securities, also saw a decline to 105.7 million Swiss francs.
A Surge in Direct Customer Deposits
Contrasting the overall downward trend, direct deposits held in individual and institutional customer accounts experienced a massive spike. These deposits climbed by more than 50% during the year, reaching 524 million Swiss francs (around ₹6,000 crore).
Despite this high growth rate, direct customer accounts currently represent only about 16% of the total Indian-linked assets in Switzerland. This suggests that while the volume of institutional routing is decreasing, high-net-worth individuals and specific institutional clients are increasingly choosing direct deposit routes. Interestingly, separate data from the Bank for International Settlements (BIS) supports this recovery trend, showing that deposits held by Indian individuals rose by 20% in 2025 to USD 89.73 million (approx. ₹780 crore).
Global Context and Regulatory Clarity
SNB 澄清称，这些数字代表瑞士银行对印度客户的总负债，包括来自公司、个人和银行的存款，以及非存款负债。该央行强调，这些数字不应被视为衡量“黑钱”的决定性标准，因为该数据不包括通过在第三国注册成立的实体所持有的资产。
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，巴基斯坦的资金降至 2.57 亿瑞士法郎，而孟加拉国的资金则大幅增长 43%，达到 8.42 亿瑞士法郎。自 2018 年以来，瑞士和印度一直维持着税务透明度框架，确保自动交换金融账户信息，以减少非法财富。
核心要点
- 整体下降： 受金融机构持有的资金下降 15% 的主要影响，2025 年瑞士银行中与印度相关的总资金下降了 8%，降至 36,793 亿卢比。
- 直接存款增长： 尽管整体有所下降，但直接客户存款大幅增长了 50%，达到约 6,000 亿卢比。
- 透明度标准： 该数据受印度与瑞士之间持续进行的税务透明度框架约束，自 2019 年以来，该框架促进了信息的自动交换。