The numbers issued by the Switzerland banks about the money deposited by Indians is interesting. The Swiss National Bank (SNB) 2020 data suggests that the money deposited by Indians in Swiss banks increased to more than 2.55 billion Swiss francs (i.e about Rs 20,700 crore) during the year.
A year before, end of 2019, the amount was 899 million Swiss francs (Rs 6,625 crore).
The year 2019 saw reversal of a two-year downward trend to reach the highest level of Indian deposits in Swiss banks in the past 13 years.
The annual data of the SNB, however, indicates that deposits in financial securities increased, but people deviated from deposits in private banks.
The choice of investors was more in financial institutions and companies in securities and other ways than in private bank accounts. The money deposited in private bank accounts come down, as per the report.
According to the bank, Indian deposits touched a record high in 2006 with around 6.5 billion Swiss francs. After that, Indians did not show much interest in depositing money in Swiss banks except in 2011, 2013 and 2017. 2020 left behind all the figures of deposits. In the year 2020, where private customer accounts accounted for about Rs 4,000 crore in Indian deposits, Rs 3,100 crore was deposited through other banks.
