Yes, I'm sure most of us do. What is doable is if you are an HNI with "a crore rupees", keep an MAB of 10L in savings of Axis for Burgundy status, and rest keep in IDFC Wealth account for higher rates of savings interest.
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Looking for HNI Banking Programs That Allow Grouping of Personal & Business Accounts
- Thread starter SilentVoyager
- Start date
- Replies 27
- Views 593
NikhilG
TF Premier
Okay I can do axis for burgundy but I think that's not 10 lac but 30 lacs.
I would still calculate what I lose and what I get. If I lose 30k in a year via just interest amount and that is minimum could be 60k as well, imagine what all premium cards I can get in 30k per annum
30L is for FDs, if you're speaking about FDs then Axis Bank gives similar interest rates as all other large banks, so no loss of interest there. 10L is for savings.
BTW, a Burgundy relationship is not for everyone. It's upto you how to extract maximum value from that relationship. For example, they have zero AMC demat and trading account with Burgundy, pretty useful at times. They even assign a dedicated RM of Axis Securities and they have been pretty good for stock trading. So it's upto us how to extract maximum value.
NikhilG
TF Premier
OKay interest rates is quite less 7.05 max or even 6.70 for one year. Losing one percent on 30 lacs is 30k per annum. Not worthy of any credit card free 😄
It's similar for all "large banks", after repo rate cut, everyone is cutting off their rates. I don't know of any large bank giving 8%+ interest today.
Also, the discussion on this thread is not regarding free credit card. It's basically around wealth / HNI accounts.
Also, you are forgetting that parents and senior citizens tend to keep their money in FDs and are very light on equity. So primary account can be made of them while secondary users get to enjoy all benefits as well. It's not a straight calculation like you're suggesting.
I'm sure there are many self employed people like me who move their day end balance from current account to savings account and transfer it back the next morning. Gives you the needed MAB, gives you free savings interest which you otherwise wouldn't get on a current account, doesn't cost anything to move balances. So maintaining MAB is seriously not an issue.
NikhilG
TF Premier
Okay maybe for self employed it makes sense and also I'm aware of repo rate cut but the difference in roi still remains the same. I'm not considering a small finance bank for reference but a proper bank like idfc, rbl and indusind bank. Bigger a bank ensures the safety but even these mentioned banks can't fail so again the question remains same.
Also I agree discussion is not regarding free credit cards but rewards to customer was one of the criteria otherwise how would a bank pamper the customer, no one in digital age visits bank in person 😀
Yes, so Axis does take care of that, at least my branch does. You get doorstep service for everything. Burgundy RMs are physical branch folks who will visit you from time to time. Based on my strict instructions, no body comes to sell me insurance. Many banks have resorted to virtual RMs, I feel that's a stupid concept. In fact, we have taken multiple lockers in our branch without any insurance or mutual fund investments, I think that's not so common these days.
So I also have Kotak Privy, HDFC Classic and IDFC Wealth banking. My order of experience is Axis > IDFC > HDFC > Kotak.
