In 2024, Indians put about 3.5 billion Swiss francs (around ₹37,600 crore) into Swiss banks. This is the highest amount since 2021 and more than three times the ₹11,200 crore deposited in 2023. Most of the increase came from money sent through local bank branches and other financial companies. Only about 10% came directly from Indian individuals.
Deposits in personal accounts went up by 11% to 346 million Swiss francs, which is around ₹3,675 crore. This is just one-tenth of the total Indian deposits in Swiss banks. In 2023, Indian deposits had dropped sharply—by 70%, down to just 1.04 billion Swiss francs —to the lowest level in four years. The big jump in 2024 shows a strong recovery.
The Swiss National Bank (SNB) counts all types of Indian money — from individuals, companies, and banks, including money sent from Swiss bank branches in India. Breakdown of Indian deposits in Swiss banks at the end of 2023:
Customer deposits: 346 million Swiss francs (up from 310 million)
Money through other banks: 3.02 billion Swiss francs (up from 427 million)
Money through trusts: 41 million Swiss francs (up from 10 million)
Investments in bonds, securities, etc.: 135 million Swiss francs
In global ranking, India is currently ranked 48th among all countries with money in Swiss banks. In 2023, India was ranked 67th, so it has moved up 19 spots in 2024. However, it is still below the 46th position it held in 2022.
When looking at India’s neighbouring countries, Pakistan deposit dropped to 272 million Swiss francs while Bangladesh deposit went up to 589 million Swiss francs.
Top Countries by deposit in Swiss Banks (2024):
The UK has the most with 222 billion Swiss francs.
The US comes next with 89 billion Swiss francs.
West Indies follows with68 billion Swiss francs.
Other countries with a lot of money in Swiss banks include Germany, France, Hong Kong, Luxembourg, Singapore, UAE, and Guernsey.
Total Global Funds in Swiss Bank:
The total money held by people and companies from around the world in Swiss banks slightly went down — from 983 billion Swiss francs in 2023 to 977 billion Swiss francs in 2024. This means there was a small overall decrease.
Bank for International Settlements (BIS) Data On Indian Deposits
The Bank for International Settlements (BIS) has reported a 6% increase in Indian deposits in 2024, reaching $74.8 million (approximately ₹650 crore). BIS data is often considered more reliable by financial authorities and policymakers.
Historical Trends in Indian Deposits (BIS Data):
In 2023: Decreased by 25%
In 2022: Decreased by 18%
In 2021: Decreased by 8%
In 2020: Increased by 39%
In 2019: Increased by 7%
In 2007: Reached an all-time high of $2.3 billion
This data shows a pattern of decline in recent years, with a few exceptions, and highlights 2007 as the peak year for Indian deposits.
It is often questioned whether the deposits held by Indian residents in Switzerland are black money but Swiss officials have clearly said that just because the money is in Swiss banks doesn’t mean it is illegal. In fact, Switzerland works with India to fight tax evasion and fraud. Since 2018, India and Switzerland have been sharing tax-related information automatically every year. The first exchange of account data took place in September 2019.