SNB Report: Indian Funds in Swiss Banks Triple to Rs 37,600 Crore in 2024; Individual Deposits up only 11%

SNB report: Indian funds in Swiss banks triple to Rs 37,600 crore in 2024; individual deposits up only 11%

Indian money in Swiss banks more than tripled in 2024, reaching a three-year high of nearly Rs 37,600 crore, driven by increased funds through local branches and financial institutions. While individual deposits saw a modest rise, overall Indian-linked funds surged significantly. Switzerland emphasizes cooperation with India in curbing tax evasion through automatic exchange of information.

Indian Money In Swiss Banks Triples On Banking Funds, Highest Since 2021

Indian money parked in Swiss banks more than tripled in 2024 to 3.5 billion Swiss francs on the back of a huge jump in funds held through local branches and financial institutions, annual data released by Switzerland's central bank showed.

Indian money in Swiss banks jumps more than three time in 2024, hits Rs 37,600 crore, data shows

Funds parked by Indians in Swiss banks saw a significant rise. The Swiss National Bank data showed a notable increase in 2024. Deposits reached 3.54 billion Swiss francs, the highest since 2021. Most of the increase came through bank channels. Direct deposits from Indian clients also saw a modest rise.