Indian money in Swiss Banks jump threefold in 2024, touch Rs 37,600 crore

Indian-linked funds in Swiss banks witnessed a sharp spike in 2024, climbing to 3.5 billion Swiss francs, equivalent to nearly Rs 37,600 crore, marking a more than threefold increase compared to the previous year. The surge, as per official figures from the Swiss National Bank (SNB), was largely driven by significant growth in assets held through financial channels and banking institutions rather than individual depositors.

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This growth follows a dramatic fall in 2023, when such holdings had plunged by around 70%, reaching a low not seen in four years. In contrast, 2024 saw a substantial rebound, although the overall value is still slightly below the 2021 high of CHF 3.83 billion.

Of the total CHF 3.5 billion, the majority, about CHF 3.02 billion, was held via institutional routes like other banks. Funds held under trusts and fiduciaries rose to CHF 41 million. Meanwhile, direct customer account deposits edged up to CHF 346 million, and investments in other financial instruments declined to CHF 135 million.

The SNB emphasized that this data reflects legal financial exposure of Swiss banks to Indian clients and includes holdings from corporations, banks, and individuals. However, it does not represent any concealed or illicit wealth, nor does it include funds parked under non-Indian entities.

On a different note, data from the Bank for International Settlements (BIS), considered more relevant for individual Indian deposits, recorded a modest 6% increase in 2024, bringing the figure to $74.8 million (about Rs 650 crore).

India’s position among nations with assets in Swiss banks improved to 48th place. The UK, US, and West Indies topped the list. Among neighbours, Bangladesh showed a significant rise, while Pakistan’s holdings dipped.