Indian funds in Swiss banks triple in 2024, highest since 2021: Reports

Indian money parked in Swiss banks more than tripled in 2024, reaching 3.54 billion Swiss francs (around ₹37,600 crore), the Swiss National Bank (SNB) revealed on June 19. This is the highest level since 2021.

With 3.54 billion Swiss francs (around ₹37,600 crore) in Swiss Bank, Indian money in Swiss Banks have tripled in one year, as per reports.

The amount, however, was channeled through banks and financial entities, and not through individuals.

The deposits through individuals reportedly amounts to 346 million Swiss francs (about ₹3,675 crore), which is an 11% yearly increase.

While in 2024 the funds have rose by over 300%, in 2023, it was a dip by 70%.

The reports also noted that SNB offers official numbers by the banks and the alleged illicit or “black” money is not the same as that.

Swiss authorities reportedly share annual financial details with India since 2019.

For India’s neighbours, Pakistani money went down, while Bangladesh’s went up, as per reports.

UK has the highest reserves in these banks, followed by US.