Indian deposits in Swiss banks decline by 18%
Indian money parked in Swiss banks has dropped nearly 18% over the past decade, going from 425 million Swiss francs in 2015 to just 346 million by 2024.
Even though there was a slight bump up from last year's record low, the bigger picture is a steady decline.
Indian deposits peaked during COVID-19 pandemic
During the COVID-19 pandemic, Indian deposits actually peaked at an all-time high of 602 million francs—but that jump was short-lived.
By last year, they hit their lowest point at 309 million before inching up again in 2024.
The overall trend? Still heading down.
Global trend? Deposits from other countries also shrinking
It's not only Indians moving their money out. UK and Chinese deposits have also shrunk over the decade, while Pakistan and Bangladesh saw drops of more than 70%.
Saudi Arabian holdings almost halved, and American deposits took the biggest hit—falling from a massive 64 billion to just over 24 billion francs since 2015.
Basically, people everywhere are stashing less cash in Swiss banks these days.