In a dramatic reversal from last year’s steep decline, Indian money in Swiss banks more than tripled in 2024, soaring to 3.54 billion Swiss francs (approximately ₹37,600 crore), according to official data released by the Swiss National Bank (SNB) on June 19. This marks the highest level since 2021 and highlights a significant shift in offshore financial activity linked to India.
The data reveals that a majority of this increase came not from individual account holders, but through institutional channels — including bank-to-bank transfers and other financial intermediaries. Funds held directly by Indian individuals rose by a modest 11% to 346 million Swiss francs (around ₹3,675 crore), representing just one-tenth of the overall Indian-linked holdings in Switzerland.
The total CHF 3.54 billion (₹37,600 crore) includes CHF 3.02 billion parked through other banks, CHF 41 million via fiduciaries and trusts, CHF 135 million in bonds and securities, and CHF 346 million in customer deposits. This diversified portfolio reflects evolving financial strategies and possibly increased transparency in fund movements.
Indian Money in Swiss Banks: A Remarkable Comeback After 2023 Collapse
In stark contrast to this year’s figures, Indian money in Swiss banks had plummeted by nearly 70% in 2023 to just CHF 1.04 billion — a four-year low. The 2024 resurgence, while notable, remains below the 2006 record of CHF 6.5 billion.
Experts view this dramatic increase as a combination of global investment diversification and institutional activity rather than a surge in hidden wealth. Swiss authorities have reiterated that these numbers should not be interpreted as an indicator of so-called “black money.”
“Assets held by Indian residents in Switzerland cannot be considered as ‘black money’,” Swiss officials stated firmly. “Switzerland actively supports India in its efforts to fight tax fraud and evasion.”
Transparency Measures in Place
Since 2018, Switzerland has been sharing annual financial account data with India under an Automatic Exchange of Information (AEOI) agreement. The first transmission occurred in September 2019, and the partnership has only grown stronger since.
Swiss officials confirmed that “hundreds of cases” involving Indian residents have been part of regular information exchanges, especially those flagged for possible financial irregularities. These measures are part of a global effort to curb unlawful fund parking while maintaining the integrity of legitimate investments.
Global Context: India Climbs Global Ranking
India moved up from 67th to the 48th position globally in terms of client funds in Swiss banks in 2024 — a clear indication of increased financial activity. Yet, this still lags slightly behind the 46th position India held in 2022.
Meanwhile, neighbouring countries witnessed mixed trends. Pakistan saw its Swiss bank holdings drop to CHF 272 million, while Bangladesh registered a strong rise to CHF 589 million. Much like India, public discourse in both nations remains sensitive around offshore accounts and wealth transparency.
Globally, the United Kingdom retained its top position with CHF 222 billion, followed by the United States (CHF 89 billion) and the West Indies (CHF 68 billion). Other major contributors included Germany, France, Hong Kong, Luxembourg, Singapore, Guernsey, and the UAE.
Indian money in Swiss banks: BIS Data Echoes the Trend
Complementary data from the Bank for International Settlements (BIS) also showed a similar trend for Indian non-bank clients. Deposits and loans with Swiss banks rose by 6% in 2024 to USD 74.8 million (approximately ₹650 crore). This comes after a three-year slump, down 25% in 2023, 18% in 2022, and over 8% in 2021. The highest BIS figure was over USD 2.3 billion in 2007.
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