Indian deposits in Swiss banks drop by 18% over the last decade

Deposits by Indian nationals in Swiss banks have dropped by nearly 18% over the past ten years, according to new data shared by the Swiss National Bank (SNB). The funds held by Indian customers fell from around 425 million Swiss francs in 2015 to nearly 346 million Swiss francs in 2024.

This decline shows that Indian customers are now keeping less money in Swiss banks than they did a decade ago. The report was published by news agency ANI, based on official data from the SNB.

The COVID-19 pandemic saw a temporary rise in deposits. In fact, during the pandemic, Indian deposits reached their highest point in a decade — around 602 million Swiss francs. However, this did not last. After the pandemic, the amount began to fall again.

In 2023, Indian deposits stood at 309 million Swiss francs. There was a small increase of 37 million francs in 2024, bringing the total to 346 million francs. But even with this recent rise, the long-term trend is still downward.

Experts believe there are multiple reasons behind this steady decline in Indian deposits. Stricter financial rules around the world, more monitoring of foreign bank accounts, and changes in international laws regarding transparency and tax policies have made it harder to keep large sums of money in Swiss banks. These changes have affected how people and companies manage their foreign deposits.

ALSO READ: Qutub Minar illuminated in Russian Flag colours to mark Russia Day

ALSO READ: Air India cancels six international flights today amid post-crash safety checks

Not just India

India is not alone in this. Many other countries have also seen a drop in the money their citizens hold in Swiss banks.

For example, UK citizens' deposits dropped significantly from 44 billion Swiss francs in 2015 to 31 billion in 2024. That’s a fall of 13 billion francs in ten years.

Chinese nationals also reduced their deposits in Swiss banks. The total amount dropped from 5.01 billion francs in 2015 to 4.3 billion francs in 2024.

The fall is even more striking for some of India’s neighbors. Pakistani nationals had around 947 million Swiss francs in 2015, but that dropped sharply to just 241 million francs in 2024. That’s a fall of almost 75%.

Bangladeshi nationals also reduced their deposits. In 2015, they had about 48 million Swiss francs. By 2024, that had dropped to 12.6 million — a 73% decrease.

Saudi Arabian citizens held 8.3 billion Swiss francs in 2015. That amount has now fallen to 4.8 billion francs, a drop of nearly half.

American nationals recorded one of the biggest drops. In 2015, their deposits in Swiss banks stood at 64.2 billion francs. This dropped to just 24.4 billion in 2024 — a massive fall of 62%.

The report clearly shows that global customers, including those from major economies like India, the US, UK, China, and Saudi Arabia, are now holding much less money in Swiss banks compared to ten years ago.

This trend is likely influenced by increased financial oversight, global pressure on tax havens, and a shift toward more transparent banking practices. With international cooperation growing on tax matters, many governments now demand more disclosure from their citizens regarding overseas assets.

In summary, while Indian deposits in Swiss banks did briefly rise during the pandemic, the overall ten-year trend shows a clear decline. India is part of a global movement, where nations are pushing for cleaner and more accountable financial systems, reducing the attraction of secretive foreign accounts.