According to Swiss National Bank data released on June 19, 2025, the total assets held by Indians in Swiss banks soared to CHF 3.54 billion (~₹37,600 crore) in 2024—a more than threefold increase from the previous year, marking the highest level since 2021
Key Drivers of the Surge
- Not just black money: Swiss authorities and analysts emphasize the rise isn’t necessarily illicit. Growth reflects both legitimate overseas investments and banking activity via Swiss branches in India
- Data-sharing agreement: Since 2018, Switzerland and India have exchanged financial account data, reducing the chance of hidden funds—but deposits keep rising, highlighting continued appeal
- Banking stability & privacy: Swiss institutions remain preferred for their anonymity, asset protection, and diversified investment products—including bonds and securities
How Big Is the Jump?
| Year | CHF (Billion) | ₹ Crore |
|---|---|---|
| 2023 | ~1.05 | ~9,771 |
| 2024 | 3.54 | 37,600 |
This leap from around CHF 1.05 billion in 2023 to CHF 3.54 billion in 2024 marks a near 3.4× rise—the steepest annual increase since 2021
Government Response
India’s Finance Ministry notes that SNB statistics include:
- Swiss branches operating in India
- Interbank transactions
- Derivatives and international financial instruments
They cautioned that the rise doesn’t imply hidden black money and is driven by complex banking relationships business-standard
Implications & What It Means
- Transparency vs. Secrecy: Despite stringent data-sharing, Swiss banking continues to attract substantial Indian capital—raising questions about transparency in global wealth flows.
- Investor confidence: Rising holdings may reflect rising Indian investor trust in Swiss banking systems for asset protection and diversification.
- Regulatory watch: Continued growth amidst tighter oversight highlights the need for watchful tax and financial authorities to ensure compliance without stifling legitimate investment.
Looking Ahead
- Data-sharing and compliance measures will remain crucial in monitoring Swiss-India holdings.
- Analysts will be watching whether the 2024 surge is a one-time phenomenon or signals a longer trend toward offshore diversification.
- Future disclosures from the SNB and Indian regulators will provide clarity on breakdown by account type, end-user, and instrument.
Conclusion
Indian-held deposits in Swiss banks surged over 3× in 2024, hitting a 2021-level high of CHF 3.54 billion (~₹37,600 crore). While not necessarily illicit, this sharp rise underscores evolving investor behavior and highlights the importance of robust global financial transparency frameworks.
