Indian money parked in Swiss banks witnessed a dramatic surge in 2024, more than tripling to reach 3.54 billion Swiss francs—approximately ₹37,600 crore—according to the latest data released by the Swiss National Bank (SNB). This marks the highest level since 2021, representing a sharp rebound after a 70% plunge in 2023 that saw Indian-linked funds drop to a four-year low.
The primary driver behind this extraordinary rise was a steep increase in funds routed through local bank branches and other financial institutions, rather than direct deposits by individual Indian customers. Of the total ₹37,600 crore, only about ₹3,675 crore (346 million Swiss francs) was held in direct customer deposit accounts—just one-tenth of the total Indian-linked funds in Swiss banks.
This surge follows a significant downturn in 2023, when Indian funds in Swiss banks fell by 70% to CHF 1.04 billion, the lowest in four years. The 2024 figures, while impressive, still fall short of the all-time high of CHF 6.5 billion recorded in 2006.
Despite the dramatic increase, Swiss authorities and the SNB have reiterated that these figures represent official liabilities of Swiss banks toward Indian clients and do not automatically indicate the presence of so-called “black money” or illicit funds. The data excludes assets held through third-country entities and does not capture unreported holdings.
Since 2018, Switzerland has shared detailed account information with Indian authorities under an automatic exchange agreement, facilitating regular data transfers and aiding investigations into suspected financial irregularities.
India’s ranking among countries with the most funds in Swiss banks improved notably, climbing to 48th place in 2024 from 67th the previous year, though still below its 46th position in 2022. For comparison, the United Kingdom topped the list with CHF 222 billion, followed by the United States (CHF 89 billion) and the West Indies (CHF 68 billion)
Separate figures from the Bank for International Settlements (BIS), which are often considered more accurate for tracking individual deposits, showed a 6% increase in 2024. Indian non-bank clients’ deposits and loans in Swiss-domiciled banks reached USD 74.8 million (about ₹650 crore), still a fraction of the 2007 peak of USD 2.3 billion.
