Indian deposits in Swiss Banks dropped 18% in last 10 years: Report

Funds held by Indian customers fell from around 425 million Swiss francs in 2015 to approximately 346 million Swiss francs in 2024.

Deposits by Indian nationals in Swiss banks have dropped by nearly 18% over the past decade, according to the latest data released by the Swiss National Bank (SNB), reported news agency ANI.

Deposits by Indian nationals in Swiss banks have fallen by nearly 18% over the past decade, according to data released by the Swiss National Bank.(Reuters)

The figures show that funds held by Indian customers fell from around 425 million Swiss francs in 2015 to approximately 346 million Swiss francs in 2024. While deposits spiked during the COVID-19 period, reaching a 10-year high of about 602 million Swiss francs, they began to decline post-pandemic. 

In 2023, Indian deposits stood at 309 million Swiss francs. A modest rise of 37 million francs was recorded in 2024, bringing the total to 346 million. However, despite the recent increase, the decade-long trend remains downward.

Experts attribute the overall decline in foreign deposits to tighter financial regulations, increased international scrutiny, and evolving global norms around transparency and tax compliance.

Global deposit trends

This falling trend is not exclusive to India. Other major economies have also reported a decline in their nationals’ deposits in Swiss banks. UK citizens' deposits fell from 44 billion Swiss francs in 2015 to 31 billion in 2024.

Chinese deposits also saw a dip, decreasing from 5.01 billion to 4.3 billion Swiss francs during the same period.

Among India’s neighbors, Pakistan witnessed a sharp drop, with deposits plunging from 947 million Swiss francs in 2015 to 241 million in 2024 — a fall of nearly 75%. Similarly, Bangladeshi nationals' deposits declined from 48 million to 12.6 million Swiss francs, marking a 73% drop.

Saudi Arabia’s deposits nearly halved over the decade, falling from 8.3 billion to 4.8 billion Swiss francs. 

The most significant decline was recorded for American nationals, whose deposits dropped by around 62%, from 64.2 billion in 2015 to 24.4 billion Swiss francs in 2024.

(With ANI inputs)