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Indians Funds In Swiss Banks Reach Over Rs 20,000 crore

Indians Funds In Swiss Banks Reach Over Rs 20,000 crore

Even during the Corona era, the wealth of Indians continued to grow in the banks of Switzerland. In 2020, this figure reached Rs 20,700 crore, which is the highest in the last 13 years. At the same time, it is 212% or 3.12 times more than in 2019.

This figure also includes deposits made through banks and other financial institutions based in India. The reason for the increase in deposits in Swiss banks was a sharp jump in holdings through securities and other such options. However, customer deposits declined for the second year in a row.

This information has been given in the annual data released by the Central Bank of Switzerland on Thursday. Earlier, there was a decline in the deposits of Indians in Swiss banks for two consecutive years. According to the data, the figure of deposits of Indians and Indian companies in Swiss banks was Rs 6,625 crore at the end of 2019. Which was 6% less than 2018.

According to the bank, out of the total amount of 20,706 crore Indians and Indian companies in Swiss banks by the end of 2020, customer deposits of more than Rs 4,000 crore, more than Rs 3100 crore through other banks, Rs 16.5 crore through trust and about 13,500 crore. Crores of rupees are included in the form of other amounts coming in the form of bonds, securities and various other financial options.

According to data from the Swiss National Bank (SNB), the deposits of Indians in Swiss banks were at an all-time high of about Rs 52,575 crore in 2006. Since then, except in the years 2011, 2013 and 2017, most of the declines have been seen.

The assessment of Indian deposits in Swiss banks takes into account all types of funds from Indian customers of Swiss banks, including deposits by individuals, banks and enterprises.

By the end of 2020, total deposits in Swiss banks reached Rs 161.78 lakh crore. Of these, foreign deposits amount to Rs 48.53 lakh crore. The UK tops the list with Rs 30.49 lakh crore. America is at number two with Rs 12.29 lakh crore. Apart from this, the top 10 countries include West Indies, France, Hong Kong, Germany, Singapore, Luxembourg, Cayman Islands and Bahamas.

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