Indian Funds in Swiss Banks Triple in 2024

Indian holdings rise sharply

Indian Funds in Swiss Banks Triple in 2024: Indian money in Swiss banks saw a threefold increase in 2024, reaching CHF 3.5 billion (roughly ₹37,600 crore). What’s driving this jump? Not ordinary account holders, but institutional players and financial intermediaries. According to the Swiss National Bank (SNB), customer deposits saw only a modest 11% growth, while the bulk of the surge came from funds flowing through banking institutions.

This is a sharp reversal from 2023, when Indian deposits had dipped to a four-year low. Back then, concerns around black money and tightened financial regulations seemed to pull figures down. But in 2024, the picture looks very different.

Institutional surge not personal saving

A closer look reveals a clear trend. Funds coming via other banks rose sharply from CHF 427 million in 2023 to CHF 3.02 billion in 2024. Meanwhile, fiduciary and trust accounts also saw a notable rise. These channels are more commonly used by financial institutions or high-net-worth clients working through intermediaries.

In contrast, direct customer deposits totaled only CHF 346 million—still a rise, but relatively small. This signals that individuals are not the primary drivers behind this financial movement.

India climbs the global rankings

India’s position among foreign clients of Swiss banks has improved significantly. It jumped from 67th place in 2023 to 48th in 2024. This shift puts India back on the map in terms of global financial flows into Switzerland. But it’s worth noting that these rankings consider various fund types—not just deposits.

Static GK fact: The record high of Indian funds in Swiss banks was reached in 2006, totaling CHF 6.5 billion.

Different ways of measuring

Two key financial institutions provide this data: SNB and the Bank for International Settlements (BIS). But they don’t always agree. SNB includes all types of financial holdings—deposits, loans, securities, and fiduciary funds. BIS, however, counts only individual deposits and loans from non-bank clients.

Interestingly, BIS data shows just a 6% rise in individual deposits in 2024. This reinforces that the 2024 boom is mostly institutional.

Transparent but still under watch

India and Switzerland are part of the global tax information exchange network. This means data on financial accounts is shared automatically. Despite that, there’s ongoing speculation about black money. However, authorities clarify that a rise in deposits doesn’t always signal illicit wealth.

Static GK fact: The automatic exchange of financial account information between India and Switzerland started under the OECD’s Common Reporting Standard (CRS) in 2018.

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