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What do you do if you have more money than your usual expenses? A simple answer to this question is that they deposit it in the bank. Some people can use it for investments, which includes investing money in the stock market, buying gold and doing FDs, but there are many Indians who deposit their money in Swiss banks outside India. Today we are going to show you this data, which will make you think why so much money has not been deposited in India.
More than 9,000 crores are deposited
Money deposited by Indian individuals and companies in Swiss banks through local branches and other financial institutions has declined by a sharp 70 per cent to a four-year low of CHF 1.04 billion (Rs 9,771 crore) in 2023. According to In annual data released by the Swiss Central Bank on Thursday, the total wealth of Indian clients in Swiss banks has declined for the second year in a row. In 2021 it reached a 14-year high of 3.83 billion Swiss francs. The main reason for the drop is the sharp drop in funds held through bonds, securities and other various financial instruments.
What do the figures say?
Furthermore, according to the data, deposits in customer deposit accounts and funds held through other bank branches in India have also decreased significantly. These are official figures reported by banks to the Swiss National Bank (SNB) and do not indicate the amount of the much-discussed black money held by Indians in Switzerland. These figures do not include money that Indians, NRIs or others may have held in Swiss banks on behalf of third-country entities.
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This is the report for 2023
The SNB reported that the total liabilities of Swiss banks or amounts outstanding to their Indian clients at the end of 2023 amounted to 103.98 million Swiss francs. These include CHF310 million in customer deposits (up from CHF394 million at the end of 2022), CHF427 million held through other banks (up from CHF111 million), CHF10 million Swiss assets held through trusts. 302 million (less than CHF 24 million) and other amounts payable to clients in the form of bonds, securities and other various financial instruments (less than CHF 189.6 million).
According to SNB data, in 2006 the total amount reached a record level of almost 6.5 billion Swiss francs. After this, except for a few years, including 2011, 2013, 2017, 2020 and 2021, it has been mostly down.
