Indian deposits in Swiss banks rise to over Rs 30,500 crore highest in 14 year

Funds deposited by Indian in Swiss banks rose 14-year-high over Rs 30,500cr in 2021, PTI reported on Thursday, citing annual data from Switzerland’s central bank. 

2nd consecutive year funds of Indian in Swiss banks increased. Last year Rs 20,700 crore were reported accounts, which was an increase of 183% from Rs 6,625 crore in 2019. 

deposits stood at record high of over Rs 52,500 crore in 2006. In following years, deposit amounts reduced except in 2011, 2013, 2017, 2019 & 2021, as per the Swiss National Bank data. 

Swiss Bank said money held in deposit accounts of Indian increased to a 7 year high of over Rs 4,800 crore in 2021. In 2020, it was over Rs 4,000 crore and over Rs 4,442 crore in 2019.

money held through fiduciaries and trusts also increased to over 24.75 crore from over Rs 16.5 crore in 2020. This was a significant decline from over Rs 59.76 crore in 2019 

amounts deposited through bonds, securities and various other financial instruments also rose to over Rs 16.5 crore from nearly Rs 12.8 crore. 

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