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Did you know? In 2024, the amount of money belonging to Indians in Swiss banks has increased three times compared to the previous year. It reached 3.5 billion Swiss francs, which is around ₹37,600 crore, according to the annual data released by the Swiss National Bank (SNB) on Thursday.
Even though the total amount has increased sharply, the money kept in direct customer accounts (personal accounts held by Indian individuals or companies) rose by only 11%—from 310 million francs to 346 million francs (around ₹3,675 crore). This means only about one-tenth of the total Indian money in Swiss banks is in personal customer accounts.
This jump comes after a sharp 70% fall in 2023, when the total Indian funds in Swiss banks dropped to a four-year low of just 1.04 billion Swiss francs. So, the 2024 numbers mark a strong recovery. The last time Indian money in Swiss banks was this high was in 2021, when it had reached 3.83 billion Swiss francs—the highest in 14 years.
India climbed to 48th place globally in terms of total client funds in Swiss banks, up from 67th in 2023, though slightly below its 46th position in 2022. The United Kingdom continued to top the list with CHF 222 billion followed by the United States at CHF 89 billion and the West Indies at CHF 68 billion. Among India’s neighbours, Pakistan’s deposits dropped marginally to CHF 272 million while Bangladesh saw a dramatic jump from CHF 18 million to CHF 589 million.
| Country | Client Funds in Swiss Banks (CHF) | 2024 Rank | 2023 Rank | 2022 Rank |
|---|---|---|---|---|
| United Kingdom | 222 billion | 1 | – | – |
| United States | 89 billion | 2 | – | – |
| West Indies | 68 billion | 3 | – | – |
| India | 3.5 billion | 48 | 67 | 46 |
| Pakistan | 272 million | – | – | – |
| Bangladesh | 589 million (up from 18 million) | – | – | – |
What Does This Money Include?
According to the Swiss National Bank:
- The total amount of 3,545.54 million Swiss francs includes:
- Customer deposits: CHF 346 million (up from 310 million in 2023)
- Money held through other banks: CHF 3.02 billion (a huge rise from 427 million)
- Money held via fiduciaries/trusts: CHF 41 million (up from 10 million)
- Other financial instruments (like bonds/securities): CHF 135 million (down from 293 million)
These are the official figures reported by the banks to the Swiss National Bank. However, they do not include any alleged black money or hidden wealth, nor do they show money that may be held through third-country entities or under different names.
Historical Trend
Back in 2006, Indian money in Swiss banks had reached a record high of nearly 6.5 billion francs. After that, the amount mostly declined, with small increases in some years such as 2011, 2013, 2017, 2020, 2021, 2022, and 2023.
What About Other Data Sources?
There’s also another data set provided by the Bank for International Settlements (BIS), which is considered more accurate for tracking Indian individuals’ actual deposits in Swiss banks.
- According to BIS, in 2024, these deposits increased by nearly 6% to USD 74.8 million (around ₹650 crore).
- This figure includes both deposits and loans of Indian customers who are not banks themselves.
- This data showed:
- A 25% drop in 2023
- An 18% drop in 2022
- An 8% drop in 2021
- But a 39% rise in 2020
The highest point for these deposits was in 2007, when they had reached over USD 2.3 billion (more than ₹9,000 crore).
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