Indian money held in Swiss banks declined by more than 8% in 2025, falling to CHF 3.25 billion (about ₹36,793 crore), according to a report by the Press Trust of India citing data from the Swiss National Bank (SNB).
The drop was mainly driven by a reduction in funds routed through local branches and other financial institutions.
However, within the overall figures, customer deposits from individual and institutional clients rose sharply by over 50% to CHF 524 million (around ₹6,000 crore), though this still accounted for a relatively small share of the total.
The largest component of Indian funds remained “amounts due to banks,” or money held via other financial institutions, which stood at CHF 2.6 billion despite a nearly 15% annual decline.
The 2025 decline follows a sharp surge in 2024, when Indian funds in Swiss banks more than tripled to CHF 3.5 billion, the highest level since 2021.
Historically, Indian holdings peaked at CHF 3.83 billion in 2021 but have mostly trended downward over the years with occasional spikes.
The SNB clarified that these figures represent total reported liabilities of Swiss banks to Indian clients, including deposits from individuals, companies, banks, and branches, and do not represent alleged “black money.”
They also include funds held through fiduciaries, trusts, bonds, securities, and other financial instruments.
Separately, data from the Bank for International Settlements (BIS), considered a more reliable measure of Indian individual deposits, showed a 20% increase in 2025 to USD 89.73 million.
However, this figure remains significantly lower than earlier peaks seen in 2007.
Globally, foreign client funds in Swiss banks also fell by nearly 8% in 2025 to CHF 1.05 trillion. India ranked 46th among countries with money in Swiss banks, improving slightly from 48th place.
Switzerland reiterated that it shares financial information with India under automatic exchange agreements implemented since 2018, enabling regular data sharing on Indian account holders and suspected cases of tax evasion or financial irregularities.
