aparnahm
TF Select
Sorry for asking again. My RM is totally confused and I am new to Axis policies. By Magnus Burgundy, u mean DC or CC? I am aiming for Burgundy DC. Not sure how Magnus and Burgundy go together.
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Axis Bank Burgundy Debit Card
- Thread starter ameer_insan
- Start date
There is no Magnus Burgundy DC. Magnus is a credit card.
If you want just a normal Burgundy Debit card, then open an account online with 5L initial deposit , once they come to your home and do KYC , then you need to add another 5L. After all of that is done, you can add other family members to your family banking and maintain 10L in total. So if you add 4 members each can maintain 2.5L
MADHAN1974
TF Buzz
Burgundy eligible 10 lakhs balance. So think of it
MADHAN1974
TF Buzz
Burgundy account eligible for Select credit card free. Only domestic terminal lounge access. Comes with priority pass with 6 visit to get on next year need to spend 3 lakhs in previous year.
DC have domestic and international terminal lounge access.
aparnahm
TF Select
Thanks you the detailed info @Dragon_slayer @MADHAN1974
There is slight difference in the way my account will be handled. I had a Citi salary account which is now migrated to Burgundy in Axis. The code for my SB a/c is SBPRS. I was asking about family account opening by which I meant creating a family ID and adding my mother to it. My RM is still clueless after many mail exchanges and phone calls. She only promises to get back to me and hasn't done it so far. She is also from Citi, perhaps this is the reason for her situation.
From your answers I understand the following, please correct me if I am wrong.
- If Magnus CC is not needed, I need to maintain only 5L in SB a/c
- If I don't prefer to maintain 5L in SB and prefer to have FDs, total FD value should be 30L
- The FDs can be in the name of my mother or myself but the total value should be 30L
- I don't need Select CC or the forex card as well. I have made this clear to the RM.
If I get clarity on this matter, I will visit the nearest branch with my mother and complete the procedure.
There is slight difference in the way my account will be handled. I had a Citi salary account which is now migrated to Burgundy in Axis. The code for my SB a/c is SBPRS. I was asking about family account opening by which I meant creating a family ID and adding my mother to it. My RM is still clueless after many mail exchanges and phone calls. She only promises to get back to me and hasn't done it so far. She is also from Citi, perhaps this is the reason for her situation.
From your answers I understand the following, please correct me if I am wrong.
- If Magnus CC is not needed, I need to maintain only 5L in SB a/c
- If I don't prefer to maintain 5L in SB and prefer to have FDs, total FD value should be 30L
- The FDs can be in the name of my mother or myself but the total value should be 30L
- I don't need Select CC or the forex card as well. I have made this clear to the RM.
If I get clarity on this matter, I will visit the nearest branch with my mother and complete the procedure.
No, Magnus has nothing to do with Burgundy eligibility criteria, you anyhow have to maintain Burgundy eligibility criteria regardless
Link to Burgundy eligibility: https://www.axisbank.com/docs/default-source/default-document-library/eligibility-criteria.pdf
Primary member in case of family account
No need to clear with RM, it's optional anyhow.
aparnahm
TF Select
Thank you. The matter is clearer now. I don't know whether I will go in for Burgundy a/c now if primary member has to maintain 30L worth FDs. My idea was to have FDs in my mother's name as she is a senior citizen to benefit from the extra 0.5% interest.
I checked the pdf you shared. It says this about eligibility criteria. "On going eligibility criteria, calculated at a Customer ID level or Family ID level:" So it is still possible that 30L TRV is at family level. No where it is mentioned that it has the primary member. Just my feeling only.
But I take your word for eligibility criteria more than my RM's as you seem to have good experience with Axis. I will go in for a lower variant of banking program. It is useless to maintain such a TRV when the benefits are almost nil except for the BMS BOGO offer.
If not Burgundy, which other banking program do you suggest where the charges for ATM withdrawals, DC charges, cheque charges etc are nil or minimal? I will not be holding Axis salary account soon. So I need to plan quickly.
@SSV, if possible pls advice.
I am open to move away from Axis too. But will be tied to Axis for a year as I already have an FD. So will need continue with a SB a/c in Axis too.
You are right! You can maintain family level! My bad, I forgot that it's only needed at the individual level if you wish for a Magnus for Burgundy credit card.
Why not SBI? I guess SBI gives better interest rate to senior citizen.
IDFC also fits your need. Higher interest, no charges on most services, agents do visit home. Also safer than Small Finance Banks.
aparnahm
TF Select
Yes, IDFC also fits my needs. But RM/BM are horrible. Changing statements repeatedly. BTW, I already have an account. And I am planning to close it since the RM and BM are both hopeless. Otherwise it offers better interest rates and also love the app.
When I inquired with my RM about Select and Wealth accounts, I received these answers. When I refused to take insurance, I was given the 2nd option. This is too much for even a Select account. I contacted BM via WA, see blue tick but no answer. And also, they have been dodging LE for the Select CC I hold for more than 9 months now. Spends on the card are 4l in this FY and 1.6l in the last FY.
Is there anybody in the TF forum who can sort out this issue for me? I know there are quite a few bank employees and agents here. But I am not sure who they are. Any help is appreciated.
agree if RM/BM are not helpful, nothing else matters.
you can try to complaint to grievance team or on twitter. I got my RM changed and all pending issues were resolved once I complaint.
Also, to confirm for select you need 3L, wealth 10L. No other conditions. If fulfilling that for a qtr, should be upgraded.
aparnahm
TF Select
Ok, will try the grievance method. So maintaining 10L for 1 qtr should have me qualified for Wealth account upgrade? Thanks for the confirmation.
TF community is
@vaibhav111 mods sleeping over a gross incorrect and misrepresented question
With random question in FIrst post
With random question in FIrst post
so OP don't know most of thing he asking for that not incorrect, he is learning and @Dragon_slayer and 2 more replied to him. it phase of life people would ask wrong question and someone will help them how come it a misrepresented question? and random question in the first post i can't help if someone write something isn't right and doesn't answer what OP was actually looking for.
Just so you know if you book FDs in your mother's name then you will need to file taxes for her to get TDS back, otherwise the govt will keep it
)I personally dont like complicating things for 0.5% interest, but you can decide yourself
aparnahm
TF Select
I will be taking a break from work and will be withdrawing PF too. So, would like to split the money in FDs between us. I would not have done it otherwise.
AMB (quaterly) of 10Lakhs
or FD of 30 Lakhs
(there is a salary criteria of 3L+/month)
Believe it or not, at Axis, the digitally opened accounts have some additional benefits to start with, over their identical counterparts opened at the branch (speaking from personal experience)!
As others have pointed out, the Burgundy DC is meant for Burgundy account holders only (and is free). In any case, in my view, there is nothing so special about it (mine remains unused in a locker).
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