How much money do Indians have in Swiss banks?
The amount of money deposited by indians in swiss banks has increased surprisingly threefold. According to the latest figures released by the swiss National bank (SNB), by 2024, indian deposits reached Rs. 37,600 crore (3.5 billion swiss francs). It is noteworthy that it was 1.04 billion francs last year, an increase of 2.5 billion francs in a single year. The SNB clarified that a large part of this amount did not come from individual accounts but through banking channels and other financial institutions. This means that it is not directly black money for individuals.
Currently, direct deposits of indian customers are CHF 346 million (about Rs. 3,675 crore), which is only 10 percent of the total deposits. The remaining funds are in the form of corporate accounts and other financial transactions.
India has moved up to 48th place in terms of funds in swiss banks globally. It was ranked 67th last year but was ranked 46th at the end of 2022. britain (CHF 222 billion), America (CHF 89 billion), and the west indies (CHF 68 billion) continue to be at the top. Our neighboring countries pakistan (CHF 272 million) and bangladesh (CHF 589 million) also have significant deposits. These figures are interesting developments for the indian economy and international trade. Such information provides more clarity on the indian wealth abroad.