The Swiss National Bank cut its interest rate to zero on Thursday and did not rule out returning borrowing costs to negative territory in future, although it stressed this was not a step it would take lightly.

Switzerland cut rates to zero to rein in the rapidly appreciating franc, which has acted as a safe haven for investors given raised concerns over U.S. trade policy and Middle East tensions.

Deposits held by Indian nationals in Swiss banks have declined by nearly 18 per cent over the last ten years, according to the latest data released by the Swiss National Bank (SNB), Business Line reported. The total amount dropped from around 425 million Swiss francs in 2015 to 346 million Swiss francs in 2024.