New Delhi: According to the most recent data from the Swiss National Bank (SNB), Indian customers' deposits in Swiss banks have fallen by approximately 18% over the last decade.
According to the statistics, there was a decrease from around 425 million Swiss francs in 2015 to 346 million Swiss francs in 2024.
The SNB data also revealed that Indian deposits experienced significant growth during the COVID-19 period, reaching a 10-year high of roughly 602 million Swiss francs. However, deposits began to decline after the pandemic peak.
Deposits totaled 309 million Swiss francs in 2023 and increased by 37 million Swiss francs to 346 million Swiss francs in 2024. Despite this annual increase, the overall trend has been negative over the past decade.
However, the decrease in deposits is not confined to India. Several other significant nations saw a decline in Swiss bank deposits by their citizens.
For example, UK national deposits decreased from 44 billion Swiss francs in 2015 to 31 billion Swiss francs in 2024. Chinese deposits also fell, from 5. 01 billion Swiss francs to 4. 3 billion Swiss francs during the same time.
The neighboring nations of India, Pakistan, and Bangladesh also saw a decrease, with deposits held by Pakistani citizens in Swiss banks experiencing a dramatic decline over the last decade.
According to official figures, deposits by Pakistanis totaled 947 million Swiss francs in 2015 but have declined dramatically to 241 million Swiss francs by 2024, a decrease of almost 75%.
A comparable pattern was seen among Bangladeshi nationals. Their deposits in Swiss banks fell from 48 million Swiss francs in 2015 to only 12. 6 million Swiss francs in 2024, a decrease of more than 73%.
The decrease reflects a decreasing trend of foreign deposits in Swiss banks, which may be attributed to various factors such as stricter regulations, increased scrutiny, and changes in foreign financial transparency standards.
Saudi Arabian deposits fell almost half over the ten-year period, from 8. 3 billion Swiss francs in 2015 to 4. 8 billion Swiss francs in 2024.
The greatest decrease was observed in deposits by American nationals. Their deposits in Swiss banks fell sharply, from 64. 2 billion Swiss francs in 2015 to 24. 4 billion Swiss francs in 2024, a decrease of approximately 62%.
The information showed a larger trend of decreasing foreign deposits in Swiss banks, which may be due to increased transparency, international rules, and changes in global financial tastes.
The trend in India clearly indicates that, over the previous decade, deposits by Indian nationals in Swiss banks have decreased. However, there was a one-time increase in deposits during the pandemic in 2021.
