New data released by the Swiss National Bank (SNB) indicates that the total funds linked to Indian clients in Swiss banks decreased by more than 8% in 2025, settling at 3.25 billion Swiss francs (approximately ₹36,793 crore). This marks a partial reversal of the significant increase observed in the previous year.
Overall Funds Decline, Customer Deposits Soar
The overall reduction in funds was primarily driven by a decrease in money held through local branches and other financial institutions. However, this trend was offset by a notable surge in customer accounts belonging to individual and institutional clients, which rose by over 50% during the same period.
According to SNB figures, the total liabilities of Swiss banks or amounts due to Indian clients stood at CHF 3,250.5 million at the close of 2025. This follows a nearly threefold jump in 2024, when Indian-linked funds reached CHF 3.5 billion, the highest level since 2021.
Breakdown of Funds
- Customer Deposits: CHF 524 million (nearly ₹6,000 crore), a more than 50% increase. These deposits now constitute about 16% of the total.
- Funds via Other Banks: CHF 2.6 billion, remaining the largest component despite a nearly 15% decline.
- Fiduciary/Trust Holdings: CHF 18.6 million, a sharp fall from CHF 41 million.
- Bonds, Securities, Other Instruments: CHF 105.7 million.
Not a Measure of 'Black Money'
Swiss authorities consistently clarify that these SNB figures, based on data reported by Swiss banks, do not represent the amount of undeclared or 'black money' held by Indians in Switzerland. The data also excludes funds that Indian nationals, non-resident Indians (NRIs), or other entities might hold through third-country structures.
The SNB asserts that its figures encompass all categories of funds held by Indian customers, including deposits from individuals, businesses, and banks, as well as liabilities linked to Swiss bank branches operating in India.
BIS Data Presents a Different View
Separate data from the Bank for International Settlements (BIS), often considered a more accurate measure of deposits by Indian individuals in Swiss banks, showed a 20% increase in 2025, reaching USD 89.73 million (around ₹780 crore). This followed a nearly 6% rise in 2024, after declines in the preceding three years. BIS data indicates such deposits peaked at over USD 2.3 billion at the end of 2007.
Information Sharing and Global Ranking
Switzerland and India have an active tax information-sharing framework, automatically exchanging financial account information since 2018. Detailed financial data on Indian residents with Swiss accounts has been shared with Indian tax authorities annually since September 2019. Swiss authorities have also provided details in hundreds of cases involving suspected financial wrongdoing, based on prima facie evidence from India.
Globally, overall funds belonging to foreign clients in Swiss banks declined by nearly 8% in 2025 to CHF 1.05 trillion. India improved its ranking among countries with funds in Swiss banks, moving from 48th to 46th place. The United Kingdom remained at the top with CHF 192 billion, followed by the United States and France.