New Delhi, June 20 – The amount of money deposited by Indian clients in Swiss banks has witnessed a significant decrease of nearly 18% over the last ten years, according to fresh data released by the Swiss National Bank (SNB). The latest figures point to a broader trend of declining foreign deposits in Switzerland, once seen as a preferred destination for offshore wealth.
In 2015, Indian individuals and companies collectively held around 425 million Swiss francs in Swiss banks. By 2024, this figure had dropped to approximately 346 million francs, showing a downward trajectory over the decade. While there was a noticeable spike in Indian deposits during the COVID-19 years—reaching around 602 million francs at its peak—the overall trend has been one of steady decline since then.
After the pandemic surge, deposits began to shrink. In 2023, the amount fell to 309 million Swiss francs. The latest data shows a slight rebound, with funds rising to 346 million francs in 2024—a year-on-year increase of 37 million francs. Despite this uptick, experts note that the general movement over ten years reflects a reduction in Indian reliance on Swiss banking systems for holding funds.
Importantly, this pattern isn’t unique to India. Other countries have experienced similar shifts. For example, the United Kingdom saw its citizens’ deposits in Swiss accounts fall from roughly 44 billion francs in 2015 to about 31 billion francs in 2024. This shift is believed to be influenced by stricter global banking regulations, enhanced tax reporting standards, and increased financial transparency in various countries.
The reduced volume of foreign deposits suggests that international customers may be diversifying their banking choices or repatriating funds in response to changing legal and economic environments.
As nations continue to implement tighter financial controls and promote data-sharing agreements, the appeal of traditional banking havens is waning—reshaping how and where global wealth is stored.