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Axis Burgundy for Magnus
- Thread starter SteelSh0t
- Start date
We will know the process, when Axis announces it in September
CSquaredSrini
TF Buzz
Hi,
I already have the following
- Magnus CC
- Axis Vistara Infinite CC
- Axis MF investments about 10 lakh+
I do not have an Axis bank account. Is it a good idea to open a Burgundy account ( I can transfer ₹10 lakhs to this account from my ICICI) I can go to the nearest branch and explain this and get the burgundy account opened.
How is it beneficial to have a Burgundy account considering I already have those Axis credit cards?
i would be thankful for advice or tips.
Srini
I already have the following
- Magnus CC
- Axis Vistara Infinite CC
- Axis MF investments about 10 lakh+
I do not have an Axis bank account. Is it a good idea to open a Burgundy account ( I can transfer ₹10 lakhs to this account from my ICICI) I can go to the nearest branch and explain this and get the burgundy account opened.
How is it beneficial to have a Burgundy account considering I already have those Axis credit cards?
i would be thankful for advice or tips.
Srini
it all about transfer ratio 5:2 from 1st September and 5:4 for magnus+(Burgundy with 10 lakhs + new magnus with mastercard ) so wait for couple of days all thing will be cleared.
Why not? ICICI accounts barely offers any benefits compared to Axis. As long as Mangus is offered free along with 5:4 redemptions, its a really good option in my opinion
CSquaredSrini
TF Buzz
I got the Magnus before 1 September with the old joining fee (it was not free). I have never had an Axis bank account till now. With two Axis CC and also investment in Axis MF, it seems like a good idea to open a Burgundy Account and move everything from ICICI to Axis.
Avatar Aang
TF Premier
I have around 22L in NPS. Can I use that to get Axis Burgundy account? Currently NPS is managed PFM is HDFC. Is it a good idea to change the PFM to Axis and get the burgundy account along with the rumoured LTF Magnus
Not sure if NPS counts, but if its does then you will need 30L NPS. You can add other family members if they also have NPS, to make combined NPS of 30L.
Avatar Aang
TF Premier
Apart from that I have some Axis MF and Equity. I think NPS, Axis MF and Equity is over 30L. Will that be sufficient?
As far as I understand mutual funds invested thru axis bank only counts. It can be any company’s mutual fund as long as it is invested thru axis bank. This means you cannot have a direct plan but a regular plan.
I have multiple direct axis bank MF. And I cannot see in then investments sections on the bank. For trial I invested a small amount from net banking and I can only see that now.
RM did not give proper clarity. And this is my understanding. Please correct me if I am wrong. I will be very happy if I am wrong.
Yes, you are right. It only counts if it was invested via your Axis account.
Deleted member 16961
TF Buzz
Yes, thats true. But if you invest via axis bank mutual fund website or app its eligible under their TRV criteria and there is an option for direct funds too but of only Axis AMC funds not any other fund houses. For other fund houses, only regular funds are available. And as we all know investing via regular funds will gives us lower returns because of higher expense ratio.
shashank08
TF Premier
You can only invest in Regular plans of Mutual Funds via Bank that's how banks will earn some money from your investment.
One of the posts above told axis Direct funds can eb invested in. So was checking
Deleted member 16961
TF Buzz
You are applying through axis mobile app from their you can only find regular plans. You need to invest through axismf.com or axis mutual fund app. Direct plans are available their but only for axis amc funds not of other fund houses like i said earlier. Means if you invest in axis small cap or bluechip, then you will be offered direct funds
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