Indian Funds in Swiss Banks Drop 8% to ₹36,793 Crore in 2025
The latest data from the Swiss National Bank (SNB) reveals a complex shift in Indian-linked assets held in Switzerland, showing a significant decline in overall holdings despite a massive surge in direct customer deposits. While the total quantum of funds has dipped, the underlying trends suggest a structural change in how Indian wealth is being managed across Swiss financial institutions.
Total Assets Decline Amid Institutional Pullback
According to the annual report released by the SNB, total funds linked to Indian clients in Swiss banks fell by more than 8% in 2025, settling at 3.25 billion Swiss francs (approximately ₹36,793 crore). This follows a sharp rebound in 2024, when funds had surged threefold to 3.5 billion Swiss francs.
The primary driver for this contraction was a substantial reduction in funds held through banks and other financial institutions. These institutional holdings, which constitute the bulk of Indian-linked assets, dropped by nearly 15% to reach 2.6 billion Swiss francs. Additionally, assets held through fiduciaries and trusts saw a massive 55% plunge to 18.6 million Swiss francs, while other liabilities, including bonds and securities, also declined to 105.7 million Swiss francs.
Direct Customer Deposits See 50% Surge
In a striking contrast to the institutional decline, money held directly in customer accounts witnessed a dramatic spike. Funds belonging to individual and institutional clients rose by more than 50% during the year, reaching 524 million Swiss francs (around ₹6,000 crore).
While this growth is significant, direct deposits currently represent only about 16% of the total Indian-linked assets in Switzerland. Interestingly, separate data from the Bank for International Settlements (BIS)—often considered a more accurate gauge of deposits held by Indian individuals—showed a 20% rise to USD 89.73 million (about ₹780 crore), signaling a consistent recovery in individual holdings over the last two years.
Global Context and Regulatory Transparency
在全球范围内，瑞士银行所有外国客户持有的总资金下降了近 8%，降至 1.05 万亿瑞士法郎。英国仍是最大的资金持有国，金额为 1920 亿瑞士法郎，其次是美国和法国。值得注意的是，印度的全球排名有所上升，从去年的第 48 位升至第 46 位。
在南亚地区，数据呈现出分化态势：巴基斯坦的资金下降至 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。
瑞士国家银行（SNB）重申，这些数字不应被解读为“黑钱”的衡量标准。自 2018 年以来，瑞士和印度一直在税务透明度框架下运作，涉及金融账户信息的自动交换。当前数据不包括通过在第三国注册的实体持有的资产，这意味着这些数字代表了瑞士银行对印度客户（包括公司和银行）的总负债。
核心要点
- 整体下降： 受机构持仓下降 15% 的主要影响，瑞士银行中与印度相关的总资金下降了 8%，降至 ₹36,793 crore。
- 个人增长： 直接客户存款大幅增长 50%，达到 5.24 亿瑞士法郎，表明资金正转向直接财富管理。
- 透明度措施： 这些数字反映的是银行的总负债，并不等同于非法财富，尤其是考虑到印度和瑞士之间正在进行的金融信息自动交换。