Indian money parked in Swiss banks more than tripled in 2024, reaching 3.54 billion Swiss francs (around Rs 37,600 crore), the Swiss National Bank (SNB) revealed on June 19. This is the highest level since 2021.
Most of the increase came from funds held through bank channels and other financial entities, not individual customer accounts, news agency PTI said in a report. Deposits directly from Indian customers rose modestly — up 11% to 346 million Swiss francs (about ₹3,675 crore). These deposits make up just one-tenth of the total Indian-linked funds.
According to the SNB, the total CHF 3,545.54 million reflects all liabilities of Swiss banks toward Indian clients. This includes CHF 3.02 billion held through other banks, CHF 346 million in customer accounts, CHF 41 million via fiduciaries or trusts, and CHF 135 million in other instruments like bonds and securities.
According to the SNB, the total CHF 3,545.54 million reflects all liabilities of Swiss banks toward Indian clients. This includes CHF 3.02 billion held through other banks, CHF 346 million in customer accounts, CHF 41 million via fiduciaries or trusts, and CHF 135 million in other instruments like bonds and securities.