Axis Bank Burgundy Account

[Sagarreddy378]

HI @TechnoFino , @Subhankar

I want to open a burgundy account. On the website, it mentioned as initial funding is 5L.

My question is do I need to maintain any balance post-account opening?
Will there be any charges for non-maintaining the MAB and how much they will charge

PLease share the details

 

[Sagarreddy378]

Yes Initial Funding is 5Lakhs, And Average quarterly balance of 10Lakhs you Should Maintain. Now Most People Think i Have To Maintain 10Lakh EveryDay but This is Not Right info You Have to Maintain 10Lakh in Quartely means 1000000 / 90 Days = 11112 And you will FullFill The Axis Bank Burgundy Eligible Criteria. And if You Dont Maintain AQB for 2 Quarter Bank Will ask You To Maintain OR Bank Will Warn You For Downgrade

Are you doing the same??

 

[CMGCMG is verified member.]

Yes Initial Funding is 5Lakhs, And Average quarterly balance of 10Lakhs you Should Maintain. Now Most People Think i Have To Maintain 10Lakh EveryDay but This is Not Right info You Have to Maintain 10Lakh in Quartely means 1000000 / 90 Days = 11112 And you will FullFill The Axis Bank Burgundy Eligible Criteria. And if You Dont Maintain AQB for 2 Quarter Bank Will ask You To Maintain OR Bank Will Warn You For Downgrade

That is not my understanding at all. If you had 10cr on a closing day and 0 for the rest of days, you will have a AQB of around 11L. Thus fulfilling the AQB criteria.

 

[EINSTEIN]

Yes Initial Funding is 5Lakhs, And Average quarterly balance of 10Lakhs you Should Maintain. Now Most People Think i Have To Maintain 10Lakh EveryDay but This is Not Right info You Have to Maintain 10Lakh in Quartely means 1000000 / 90 Days = 11112 And you will FullFill The Axis Bank Burgundy Eligible Criteria. And if You Dont Maintain AQB for 2 Quarter Bank Will ask You To Maintain OR Bank Will Warn You For Downgrade

Math is mind blowing 😂

 

[hakunamatata]

Yes Initial Funding is 5Lakhs, And Average quarterly balance of 10Lakhs you Should Maintain. Now Most People Think i Have To Maintain 10Lakh EveryDay but This is Not Right info You Have to Maintain 10Lakh in Quartely means 1000000 / 90 Days = 11112 And you will FullFill The Axis Bank Burgundy Eligible Criteria. And if You Dont Maintain AQB for 2 Quarter Bank Will ask You To Maintain OR Bank Will Warn You For Downgrade

This is not how you calculate AQB, your understanding is flawed.

 

[Rahul Gupta]

Yes Initial Funding is 5Lakhs, And Average quarterly balance of 10Lakhs you Should Maintain. Now Most People Think i Have To Maintain 10Lakh EveryDay but This is Not Right info You Have to Maintain 10Lakh in Quartely means 1000000 / 90 Days = 11112 And you will FullFill The Axis Bank Burgundy Eligible Criteria. And if You Dont Maintain AQB for 2 Quarter Bank Will ask You To Maintain OR Bank Will Warn You For Downgrade

11112rs m axis burgundy? hmm. bhaiya do chai lana🤣🤣

 

[imyoda]

Yes Initial Funding is 5Lakhs, And Average quarterly balance of 10Lakhs you Should Maintain. Now Most People Think i Have To Maintain 10Lakh EveryDay but This is Not Right info You Have to Maintain 10Lakh in Quartely means 1000000 / 90 Days = 11112 And you will FullFill The Axis Bank Burgundy Eligible Criteria. And if You Dont Maintain AQB for 2 Quarter Bank Will ask You To Maintain OR Bank Will Warn You For Downgrade

this is not how the AQB calculated..your math is dangerous to others

 

[MA Zuheeb]

Math is mind blowing 😂

BEFORE YOU
JUDGE ANYONE
MAKE SURE
YOU'RE PERFECT
https://taxadda.com/calculators/average-monthly-quarterly-balances-bank-amb-aqb-calculator https://taxadda.com/calculators/average-monthly-quarterly-balances-bank-amb-aqb-calculator

That is not my understanding at all. If you had 10cr on a closing day and 0 for the rest of days, you will have a AQB of around 11L. Thus fulfilling the AQB criteria.

11112rs m axis burgundy? hmm. bhaiya do chai lana🤣🤣

this is not how the AQB calculated..your math is dangerous to others

This is not how you calculate AQB, your understanding is flawed.

Are you doing the same??

 

[hakunamatata]

BEFORE YOU
JUDGE ANYONE
MAKE SURE
YOU'RE PERFECT
https://taxadda.com/calculators/average-monthly-quarterly-balances-bank-amb-aqb-calculator https://taxadda.com/calculators/average-monthly-quarterly-balances-bank-amb-aqb-calculator

If you could just read, it's clearly written average balance as 11112.
(If you could)

In AQB, A stands for Average not Total.

 

[CMGCMG is verified member.]

If you could just read, it's clearly written average balance as 11112.
(If you could)

In AQB, A stands for Average not Total.

That shows average balance of 11,112. You need an average balance of 10,00,000 per quarter.


If you have a 25,000 MAB account with HDFC and if you maintain only 11112 till today, then you need to have ₹2,26,376 by the end of the closing day tomorrow for having 25,000 MAB

 

[Chaitanya-a]

That shows average balance of 11,112. You need an average balance of 10,00,000 per quarter.


If you have a 25,000 MAB account with HDFC and if you maintain only 11112 till today, then you need to have ₹2,26,376 by the end of the closing day tomorrow for having 25,000 MAB

View attachment 8475

Yeah. Its not as simple as it looks. I mean if we have to maintain only ₹11000, then everyone will be holding burgundy a/c. What's so special about it then 😂

 

[Copycat]

Yes Initial Funding is 5Lakhs, And Average quarterly balance of 10Lakhs you Should Maintain. Now Most People Think i Have To Maintain 10Lakh EveryDay but This is Not Right info You Have to Maintain 10Lakh in Quartely means 1000000 / 90 Days = 11112 And you will FullFill The Axis Bank Burgundy Eligible Criteria. And if You Dont Maintain AQB for 2 Quarter Bank Will ask You To Maintain OR Bank Will Warn You For Downgrade

I am not sure what you are trying to say. However this is the way AQB is calculated
Suppose AQB is supposed to be 10 lakhs
Let us assume a quarter is made up of 90 days: D1, D2, D3, ...., D90
Now first you multiply 10 lakhs into 90. So you get 90*1000000 = 90000000 = 900 lakhs
Now at the end of each day, the amount present in your account at the end of the day is calculated
So let us call this balance BD1, BD2, ..., BD90
Now at the end of the 90th day the bank will add BD1+BD2+BD3+ ... BD90 = Sum of balances for the last 90 days (BD1TO90)
If BD1TO90 >= 900 lakhs, then you have maintained the AQB of 10 lakhs. If it is less, you have not maintained

 

[hakunamatata]

That shows average balance of 11,112. You need an average balance of 10,00,000 per quarter.


If you have a 25,000 MAB account with HDFC and if you maintain only 11112 till today, then you need to have ₹2,26,376 by the end of the closing day tomorrow for having 25,000 MAB

View attachment 8475

Yup that's what I'm saying too.
Zuheeb is misunderstanding Average Quarterly Balance with Total Quarterly Balance (if any term like this exists)