Deposits held by Indian customers in Swiss banks have dropped by approximately 18% over the past ten years, according to newly released data from the Swiss National Bank (SNB).
In 2015, Indian deposits stood at around 425 million Swiss francs, which have decreased to 346 million Swiss francs in 2024.
The SNB report noted a notable increase in Indian deposits during the COVID-19 pandemic, peaking at a decade-high of about 602 million Swiss francs.
However, following that spike, deposits began to fall, continuing the broader downward trajectory. In 2023, Indian deposits reached a low of 309 million francs before rising slightly by 37 million francs in 2024.
Despite this modest annual increase, the long-term pattern indicates a steady decline.
India is not alone in this trend.
Several other major global economies have also witnessed a drop in deposits held by their nationals in Swiss banks. For instance, UK deposits fell from 44 billion francs in 2015 to 31 billion francs in 2024, while Chinese nationals saw a reduction from 5.01 billion to 4.3 billion francs over the same period.
Among India’s neighbors, the decline has been even more dramatic.
Deposits from Pakistani citizens dropped from 947 million francs in 2015 to just 241 million francs in 2024 — a fall of nearly 75%.
Similarly, Bangladeshi nationals saw their deposits shrink from 48 million to 12.6 million francs, a decrease of more than 73%.
Saudi Arabian deposits also declined substantially, from 8.3 billion francs in 2015 to 4.8 billion francs in 2024 — nearly a 50% drop.
The steepest reduction came from American nationals, whose Swiss bank holdings plummeted by around 62%, falling from 64.2 billion francs in 2015 to 24.4 billion francs in 2024.
These figures underscore a larger global pattern of declining foreign funds in Swiss banks. Experts attribute this to tighter regulatory frameworks, enhanced financial scrutiny, and evolving international transparency standards.