New Delhi, June 20: Deposits by Indian nationals in Swiss banks have declined by approximately 18% over the past decade, according to the latest data from the Swiss National Bank (SNB).
In 2015, Indian-held deposits in Swiss banks totaled around 425 million Swiss francs. By 2024, that figure had dropped to 346 million francs. Although deposits peaked during the COVID-19 pandemic—reaching a decade-high of about 602 million francs—they have been on a downward trajectory since. After falling to 309 million francs in 2023, the deposits rebounded slightly in 2024, rising by 37 million francs. However, the broader 10-year trend remains one of decline.
India is not alone in witnessing a drop. Several major economies have seen similar reductions in funds held by their nationals in Swiss banks.
Deposits by UK nationals fell from 44 billion francs in 2015 to 31 billion in 2024. Chinese deposits also declined, slipping from 5.01 billion to 4.3 billion francs over the same period. Among India’s neighbors, Pakistan and Bangladesh experienced significant reductions as well. Pakistani deposits plunged nearly 75%, from 947 million francs in 2015 to 241 million in 2024. Bangladeshi deposits dropped more than 73%, falling from 48 million to just 12.6 million francs.
Saudi Arabian nationals also cut their holdings almost in half—from 8.3 billion francs to 4.8 billion over the decade. The most dramatic decline was recorded among American nationals, whose deposits fell from 64.2 billion francs in 2015 to 24.4 billion in 2024, marking a 62% decrease.
Experts attribute this widespread decline to a mix of stricter financial regulations, enhanced global scrutiny, and greater international transparency standards.
While India did witness a temporary spike in deposits during the pandemic, the long-term pattern indicates a consistent move away from Swiss banking by Indian depositors.
(With agency inputs)
