Modi crackdown impact? Deposits by Indians in Swiss banks 18% down in 10 years, SNB cites data

Latest figures released by the Swiss National Bank (SNB) show that the deposits of Indian customers in Swiss banks have declined by nearly 18 per cent over the past 10 years.

The deposits have now fallen to 346 million Swiss francs from 425 million in 2015.

The data also shows that the deposits reached a whopping 602 million Swiss francs during the Covid-19 pandemic, the highest in the past decade. However, the figures sharply dropped as the pandemic withered away.

Slight increase reported in 2024

The data further revealed that the Indian deposits in the bank saw a slight increase of 37 million Swiss francs last year. In 2023, the deposits stood at 309 million but rose to 346 million in 2024.

However, the trend over the last decade showed a downward trajectory.

Trend not unique to India

However, the decline in deposits is not unique to India.

Several other major economies have witnessed a reduction in funds deposit in Swiss banks by their nationals.

For instance, deposits by UK nationals fell from 44 billion Swiss francs in 2015 to 31 billion Swiss francs in 2024.

Chinese deposits also saw a decline, reducing from 5.01 billion Swiss francs to 4.3 billion Swiss francs over the same period.

The neighbouring countries of India, Pakistan and Bangladesh also saw a decline.

Over the past decade, deposits held by Pakistani nationals in Swiss banks have plummeted, falling from 947 million Swiss francs in 2015 to 241 million Swiss francs in 2024, a decline of nearly 75 per cent. A similar pattern is evident among Bangladeshi nationals, whose deposits dropped from 48 million Swiss francs in 2015 to 12.6 million Swiss francs in 2024, a reduction of over 73 per cent.

This downward trend extends to other nationalities as well. Saudi Arabian deposits in Swiss banks nearly halved, decreasing from 8.3 billion Swiss francs in 2015 to 4.8 billion Swiss francs in 2024. The most dramatic decline was observed among American nationals, with deposits falling from 64.2 billion Swiss francs in 2015 to 24.4 billion Swiss francs in 2024, a drop of approximately 62 per cent.