Axis Burgundy Private: Eligibility criteria update

[kitmik109]

You can no longer qualify for Burgundy Private Account/Credit Card using the share in Demat route.
Full notification details attached.

Summary:
Effective October 17, 2024, the eligibility criteria for Burgundy Private will be revised as given below:
- Maintain a Total Relationship Value (TRV) of ₹5 crore across your Savings Accounts, Fixed Deposit, Investments, Insurance & others, excluding Demat account balances.
OR
- Ensure a net salary credit of ₹10 lakh per month for your salary account**.

To continue enjoying benefits and privileges, ensure the above by March 31, 2025.

 

[talkwithfino]

So along with Hdfc, Axis is now the second Bank in top 5 Pvt Banks in India to not consider Demat for total NRV.

 

[Hell_Kitty]

You can no longer qualify for Burgundy Private Account/Credit Card using the share in Demat route.
Full notification details attached.

Summary:
Effective October 17, 2024, the eligibility criteria for Burgundy Private will be revised as given below:
- Maintain a Total Relationship Value (TRV) of ₹5 crore across your Savings Accounts, Fixed Deposit, Investments, Insurance & others, excluding Demat account balances.
OR
- Ensure a net salary credit of ₹10 lakh per month for your salary account**.

To continue enjoying benefits and privileges, ensure the above by March 31, 2025.

lol net salary of 10L/month. Do they know how many zeroes are there in 10L? All these are just gimmick to show they are serving elite customers where as in reality the number of accounts they serve for entire India will be less than 3 digit (999) with these jaw breaking and unrealistic eligibility criteria. God bless HNI/UHNI banking concept

 

[sourpai]

I think Axis has publicly revealed net salary credit criteria for the firs time for burgundy private.

Other avenues such as MF (regular plans), FDs etc for such high amounts is not a great idea though

 

[kitmik109]

With the devaluation of Gyftr + this significantly increased eligibility criterion for the Burgundy One CC, it certainly seems like Axis just wants to keep UHNIs who do not actually care about the rewards actively OR passively. But for people who don't care about the rewards/benefits, why bother with this card anyways
This is on top of the annual limits placed on edge reward spends earlier this year.

 

[Bhavik567]

Gyftr devaluation was big. Hardly spend on my BP credit card now. The only benefit is 5:4 on normal Magnus.

 

[Dreamer]

Worthless card in terms of benefits .

 

[kitmik109]

I think Axis has publicly revealed net salary credit criteria for the firs time for burgundy private.

Other avenues such as MF (regular plans), FDs etc for such high amounts is not a great idea though

The eligibility criteria was always known, however not actively publicized. You had to have an existing Axis RM to be able to apply properly.

The 5cr TRV has also always been a requirement, however it used to include your demat holdings at market value. With the demat no longer considered in the TRV, you need to actively park a lot of money with Axis which may not be financially efficient for a lot of the existing customers.

 

[msankadi]

With the devaluation of Gyftr + this significantly increased eligibility criterion for the Burgundy One CC, it certainly seems like Axis just wants to keep UHNIs who do not actually care about the rewards actively OR passively. But for people who don't care about the rewards/benefits, why bother with this card anyways
This is on top of the annual limits placed on edge reward spends earlier this year.

Like UHNI will even spit on axis bank's level of service and incompetence...

Dream on ax-shit.thuuu.