Indian funds in Swiss banks decline 8% in 2025, customer deposits jump 50%
According to data released by the Swiss National Bank (SNB) on Thursday, the total funds held by Indian nationals and banks in Switzerland fell by more than 8% in 2025. The amount stood at CHF 3.25 billion (about Rs 36,793 crore), down from CHF 3.5 billion in 2024. The decline was mainly due to a decrease in funds held through other banking and financial institutions.
The SNB reported that total liabilities owed to Indian clients amounted to CHF 3,250.5 million as of end-2025. Of this, CHF 2.6 billion was classified as 'amounts due to banks' — money routed through other banks — which fell by nearly 15% during the year.
However, customer deposits — money held directly in accounts of individual and institutional clients — rose by over 50% to CHF 524 million (nearly Rs 6,000 crore). Despite this sharp increase, customer deposits account for only about 16% of total Indian funds in Swiss banks.
Other categories saw declines: funds held through fiduciaries or trusts dropped 55% to CHF 18.6 million, while bonds, securities, and other financial instruments fell to CHF 105.7 million from CHF 135 million in 2024.
A separate measure, the 'locational banking statistics' of the Bank for International Settlements (BIS), considered more reliable by Indian and Swiss authorities, showed a 20% rise in 2025 to $89.73 million (nearly Rs 780 crore). This followed a 6% increase in 2024, after three consecutive years of decline. The figure had peaked at over $2.3 billion at the end of 2007.
The 2025 dip followed a three-fold jump in 2024, when Indian funds had reached CHF 3.5 billion — the highest since a 14-year peak of CHF 3.83 billion in 2021. The all-time high of nearly CHF 6.5 billion was recorded in 2006, after which the overall trend has been generally downward, with intermittent rises in several years.
It is important to note that these official figures, reported by banks to the SNB, do not represent alleged black money. Swiss authorities have consistently stated that assets held by Indian residents in Switzerland cannot be treated as black money. An automatic exchange of information in tax matters between Switzerland and India has been in force since 2018. Detailed financial information on Indian account holders was first shared with Indian tax authorities in September 2019 and has continued annually. Switzerland also shares details in individual cases where prima facie evidence of financial wrongdoing is submitted, covering hundreds of cases so far.
India was ranked 46th among countries whose clients park money in Swiss banks, up from 48th in 2024. The UK led with CHF 192 billion in foreign client funds, followed by the US at CHF 75 billion and France at CHF 63 billion. Other top ten countries included the West Indies, Germany, Hong Kong, Singapore, Luxembourg, the UAE, and the Netherlands. Overall, foreign client funds in Swiss banks declined by nearly 8% in 2025 to CHF 1.05 trillion.
Among India's neighbours, Pakistan and Bangladesh also saw changes in their respective deposits, though specific figures were not highlighted in the release.
