Indian Money In Swiss Banks Tripled In 2024 To Nearly ₹37,600 Crore, Highest Since 2021
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The surge was driven primarily by a steep increase in holdings through local bank branches and other financial institutions.
Indian funds parked in Swiss banks more than tripled in 2024 to CHF 3.54 billion (approximately ₹37,600 crore), marking the highest level since 2021, according to data released by the Swiss National Bank (SNB). The surge was driven primarily by a steep increase in holdings through local bank branches and other financial institutions while personal customer deposits saw only a modest rise of 11% to CHF 346 million (around ₹3,675 crore), data showed.
Sharp Rebound After 2023 Decline
The 2024 spike comes on the heels of a 70% plunge in the previous year when Indian money in Swiss banks fell to a four-year low of CHF 1.04 billion. While the latest total remains below the record CHF 6.5 billion in 2006, it reflects renewed financial flows routed through institutional channels. Of the total CHF 3.54 billion, the majority was held via other banks, with the remainder split across customer accounts, fiduciary structures and financial instruments such as bonds and securities.
The Swiss National Bank clarified that its figures represent declared liabilities of Swiss banks to Indian clients and do not capture any unreported or 'black money" holdings. These totals also exclude assets held by Indians or NRIs through third-country entities. Swiss authorities reiterated their continued cooperation with India in combating tax evasion noting that an automatic exchange of financial data has been in effect since 2018.
Separate data from the Bank for International Settlements (BIS), considered a more accurate measure of individual holdings, showed a 6% increase in 2024. Deposits and loans held by Indian non-bank clients in Swiss-domiciled banks rose to USD 74.8 million (about ₹650 crore), still a fraction of the USD 2.3 billion peak reached in 2007.
India climbed to 48th place globally in terms of total client funds in Swiss banks, up from 67th in 2023, though slightly below its 46th position in 2022. The United Kingdom continued to top the list with CHF 222 billion followed by the United States at CHF 89 billion and the West Indies at CHF 68 billion. Among India's neighbours, Pakistan's deposits dropped marginally to CHF 272 million while Bangladesh saw a dramatic jump from CHF 18 million to CHF 589 million.
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