New Delhi: According to the latest data from the Swiss National Bank (SNB), deposits by Indian customers in Swiss banks have dropped by about 18% over the past ten years. ANI reported that the amount fell from roughly 425 million Swiss francs in 2015 to 346 million Swiss francs in 2024.
During the COVID-19 pandemic, Indian deposits in Swiss banks saw a sharp rise, reaching a 10-year high of around 602 million Swiss francs. However, after the pandemic, the deposits started to decline again. In 2023, the deposits stood at 309 million Swiss francs and increased slightly by 37 million Swiss francs in 2024. Despite this small rise, the overall trend over the decade remains downward.
ANI quoted experts saying that this fall could be due to stricter banking regulations, more scrutiny on foreign funds, and changes in international financial transparency rules.
The decline is not unique to India. Deposits by American nationals in Swiss banks fell dramatically, from 64.2 billion Swiss francs in 2015 to 24.4 billion Swiss francs in 2024—a drop of about 62%.
Similarly, Chinese deposits decreased from 5.01 billion Swiss francs to 4.3 billion Swiss francs during the same period.
India’s neighbors also saw big declines. Deposits by Pakistani nationals dropped from 947 million Swiss francs in 2015 to 241 million Swiss francs in 2024, a fall of nearly 75%. Bangladeshi nationals’ deposits fell from 48 million Swiss francs to just 12.6 million Swiss francs, a decrease of over 73%, ANI reported.
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