Deposits by Indian nationals in Swiss banks have declined nearly 18% over the last decade, according to the Swiss National Bank (SNB). From CHF 425 million in 2015 to CHF 346 million in 2024, the drop aligns with a global trend reflecting tightening financial transparency norms and international regulations.
Deposits by Indian customers in Swiss banks have declined by nearly 18% over the past decade, according to data released by the Swiss National Bank (SNB). The data shows a drop from approximately CHF 425 million in 2015 to CHF 346 million in 2024.
Headquartered in Zurich, the SNB serves as the central bank of Switzerland and is responsible for monetary policy and maintaining financial stability. Its annual report on foreign deposits provides valuable insight into global banking preferences and regulatory impacts.
While Indian deposits had peaked during the pandemic in 2021 at CHF 602 million, they steadily declined post-COVID. In 2023, deposits stood at CHF 309 million, which then increased slightly to CHF 346 million in 2024. Despite this year-on-year growth of CHF 37 million, the overall decade-long trend remains downward.
India is not alone in this decline. Several other major countries have also seen a notable reduction in deposits held by their nationals in Swiss banks:
- United Kingdom: From CHF 44 billion in 2015 to CHF 31 billion in 2024
- China: From CHF 5.01 billion to CHF 4.3 billion
- Saudi Arabia: From CHF 8.3 billion to CHF 4.8 billion
- United States: From CHF 64.2 billion to CHF 24.4 billion, a massive 62% drop
South Asian countries have also followed the trend:
- Pakistan: A steep fall from CHF 947 million to CHF 241 million (75%)
- Bangladesh: From CHF 48 million to CHF 12.6 million (over 73%)
Analysts attribute this decline to a combination of stricter international regulations, enhanced financial transparency measures, and changes in investment patterns. With global efforts like the Common Reporting Standard (CRS) and India’s engagement with tax information exchange agreements, it has become increasingly difficult to hold undeclared assets in traditional offshore financial centers like Switzerland.
The SNB data offers a compelling snapshot of how evolving regulations and oversight mechanisms are shaping the future of international banking and cross-border asset holdings. For India, this decade-long reduction signifies a shift toward compliance and transparent financial systems, even amid short-term fluctuations like those seen during the pandemic.
