The money parked by Indian nationals and banks fell by over 8 percent, according to data released by the Swiss central bank on Thursday. According to news agency PTI, the amount declines to CHF 3.25 billion (about Rs 36,793 crore) due to a decrease in funds held by Switzerland’s financial institutions and local branches.
What the numbers say
The total CHF 3,250.5 million represents what the Swiss National Bank (SNB) describes as ‘total liabilities’ of Swiss banks, or amounts owed to Indian clients as of end-2025. The bulk of the funds – CHF 2.6 billion – was held in the form of ‘amounts due to banks’, meaning money routed through other banking and financial institutions. This category saw a decline of nearly 15 percent during the year.
Customer deposits, however, told a different story.
Customer deposits rise sharply
Money held in customer accounts of individual and institutional clients rose by over 50 percent to CHF 524 million (nearly Rs 6,000 crore) in 2025. Despite the sharp jump, this segment accounts for only about 16 percent of total funds parked in Swiss banks.
The remaining amounts included CHF 18.6 million held through fiduciaries or trusts – down 55 percent from CHF 41 million the previous year – and CHF 105.7 million in bonds, securities, and other financial instruments, also lower than the CHF 135 million recorded in 2024.
A separate indicator
The ‘locational banking statistics’ of the Bank for International Settlements (BIS) – regarded by both Indian and Swiss authorities as a more reliable measure of deposits by Indian individuals – showed a 20 per cent rise in 2025 to $89.73 million (nearly Rs 780 crore). This followed a 6 per cent increase in 2024, after three consecutive years of decline. The figure had peaked at over $2.3 billion at the end of 2007.
Is Indian money in swiss banks on a downward slope?
According to PTI, the 2025 dip follows a sharp three-fold jump in 2024, when total Indian funds in Swiss banks had climbed to CHF 3.5 billion – the highest since 2021, when they had touched a 14-year peak of CHF 3.83 billion. The record high was nearly CHF 6.5 billion in 2006, after which the overall trajectory has been largely downward, with intermittent increases in 2011, 2013, 2017, 2020, 2021, 2022, 2023, and 2024.
‘Not black money’
It bears noting that these are official figures reported by banks to the SNB and do not reflect the quantum of alleged black money held by Indians in Switzerland. The data also excludes funds that Indians, NRIs, or others may hold in Swiss banks through third-country entities.
Swiss authorities have consistently maintained that assets held by Indian residents in Switzerland cannot be treated as black money. An automatic exchange of information in tax matters between Switzerland and India has been in force since 2018. Under this framework, detailed financial information on Indian account holders was first shared with Indian tax authorities in September 2019 and has continued annually since. Switzerland has also been sharing details in individual cases where prima facie evidence of financial wrongdoing has been submitted – a process that has covered hundreds of cases so far.
Where India stands
India was placed 46th among countries whose clients park money in Swiss banks, up from 48th in 2024. In terms of assets held by Indian clients, the figure stood at CHF 1.5 billion at end-2024, down nearly 6 per cent from the previous year.
The UK led the rankings with CHF 192 billion in foreign client funds, followed by the US at CHF 75 billion and France at CHF 63 billion. The top ten also included the West Indies, Germany, Hong Kong, Singapore, Luxembourg, the UAE, and the Netherlands. Overall, foreign client funds in Swiss banks declined by nearly 8 per cent in 2025 to CHF 1.05 trillion.
Where do India’s neighbours stand
India’s neighbouring nations, Pakistan and Bangladesh, also saw changes in the quantum of money parked in Swiss banks.
Pakistan saw a dip from CHF 272 million to CHF 257 million this year. This drop means Pakistan now ranks 108th. Meanwhile, Bangladesh had a sharp rise of 43 percent to CHF 842 million, being placed at the 81st place at the end of 2024.
With inputs from PTI
(Written by Nityanjali Bulsu, who is an intern at indianexpress.com)
The 2025 dip follows a sharp three-fold jump in 2024, when total Indian funds in Swiss banks had climbed to CHF 3.5 billion - the highest since 2021. (Credit: Wikimedia Commons) 
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