Indians' Deposits in Swiss Banks Triple, Hit Record High Since 2021

No matter how many claims the Modi government at the Center makes to crack down on black money and bring back Indian black money deposited in Swiss banks, the reality is telling something else. Yes ... Indians' money in Swiss banks has increased three times. According to the report, the money of Indians in Swiss banks has increased more than three times in 2024. Now it has reached about ₹ 37,600 crore. According to data from the Swiss National Bank (SNB), this is the highest since 2021. India has moved up from 67th position last year to 48th position in terms of money deposited in Swiss banks.

However, the money deposited in the customer accounts of Indians has increased only by 11 percent. It stood at 34.6 crore Swiss francs (about Rs 3,675 crore). This is about one-tenth of the total money.

Earlier, in 2023, the amount of money deposited by Indian people and companies in Swiss banks fell by 70 percent to a four-year low of 1.04 billion Swiss francs. This includes deposits held through local branches and other financial institutions.

On the other hand, local banking data from the Bank for International Settlements (BIS) showed an increase of about six percent in such funds during 2024 and stood at US$ 74.8 million (about Rs 650 crore). Earlier, these figures of the Bank for International Settlements were considered more reliable by Indian and Swiss authorities for deposits of Indian individuals in Swiss banks. According to the data, after an increase of about 39 percent in 2020, it fell by 25 percent in 2023, 18 percent in 2022 and more than 8 percent in 2021. This figure takes into account deposits and loans of Indian non-bank customers of Swiss banks and shows a growth of seven percent in 2019 after a decline of 11 percent in 2018 and 44 percent in 2017. It had reached a high of $ 2.3 billion (more than Rs 9,000 crore) at the end of 2007.

Britain has the highest deposit
Britain is at the top with the highest deposit of 222 billion Swiss francs. That is, Britain has the highest deposit. America is in second place with 89 billion francs. West Indies has 68 billion dollars deposited in this bank.

Why did the boom come?
This boom has come due to more money coming through banks and financial institutions. There has been a slight increase in the deposits of individual customers, which has increased by 11% to CHF 346 million (about ₹ 3,675 crores). Let us tell you that CHF is the short form of Swiss Franc, which is the currency of Switzerland. However, there has not been much change in the money deposited by individual customers. It has increased by just 11%. There was a slight increase in individual customer deposits, which increased by 11% to CHF 346 million. This information has been given in the data.