Indian Funds in Swiss Banks Fall to ₹36,793 Crore Amidst Shift in Deposit Patterns

Recent data from the Swiss National Bank (SNB) reveals a complex shift in how Indian capital is being parked in Switzerland. While the total volume of funds linked to Indian clients saw an 8% decline in 2025, a significant surge in direct customer deposits suggests a change in how individuals and institutions are managing their offshore wealth.

Total Indian-Linked Assets See an 8% Decline

According to the latest annual report released by the Swiss National Bank, funds linked to Indian clients fell by more than 8% in 2025, settling at 3.25 billion Swiss francs (approximately ₹36,793 crore). This contraction follows a notable rebound in 2024, when funds had surged threefold to 3.5 billion Swiss francs—the highest level since 2021.

The primary driver behind this year's decline was the reduction in funds held through other banks and financial institutions. These institutional holdings, which constitute the largest portion of Indian-linked assets in Switzerland, dropped by nearly 15% to reach roughly 2.6 billion Swiss francs. Other segments also saw significant retreats: assets held through fiduciaries and trusts plummeted by 55% to 18.6 million Swiss francs, while other liabilities such as bonds and securities fell to 105.7 million Swiss francs.

Direct Customer Deposits Surge by 50%

Despite the overall downward trend in total assets, there is a striking counter-trend in individual and institutional holdings. Funds held directly in customer accounts rose sharply by more than 50%, reaching 524 million Swiss francs (approximately ₹6,000 crore).

While this growth is substantial, these direct deposits represent only about 16% of the total Indian-linked amount in Swiss banks. This divergence suggests that while large-scale institutional routing through intermediary banks is decreasing, individual and direct institutional interest in Swiss banking remains robust. Furthermore, separate figures from the Bank for International Settlements (BIS) indicated that deposits held by Indian individuals rose 20% in 2025 to USD 89.73 million (about ₹780 crore).

Global Context and Regulatory Transparency

瑞士国家银行 (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、银行和个人的存款——不应被视为“黑钱”的最终衡量标准。自 2018 年以来，瑞士和印度已开展金融账户信息自动交换，以确保税务透明度。

从更广泛的全球格局来看，印度在瑞士的资金持有者排名有所上升，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，而孟加拉国的资金大幅增长 43%，达到 8.42 亿瑞士法郎。在全球范围内，英国仍是瑞士银行最大的资金持有国，持有金额达 1920 亿瑞士法郎。

核心要点

  • 整体下降： 瑞士银行中与印度相关的资产总额下降了 8% 以上，至 3679.3 亿卢比，这主要是由于通过金融机构持有的资金下降了 15%。
  • 直接存款增长： 尽管整体有所下降，但客户直接存款大幅增长了 50%，达到约 600 亿卢比。
  • 透明度标准： 该数据不包括通过第三国实体持有的资产，并受印度和瑞士之间正在进行的自动税务信息交换框架约束。