Axis Magnus Axis Burgundy Salary account approval eligibility

[CC_Exuberant]

I have HDFC salary account for last 13 years and I have received INFINIA METAL LTF , yes LTF . Now I want to switch my salary account to some other bank . And close this old account for some reason , don’t ask me why I want to close such old account which would lead to lower CIBIL ..

I have ITR of 45 lakhs but my salary credit is only close to 1.5 . Hence not directly eligible for AXIS burgundy though my institution comes in their list where only 2 lakh credit is eligibility.

Approached branch , they told me if I share my last 3 months salary they will get it checked by their back end team and get approval for burgundy account .
So my question here is “Is it possible ? Or is it scam or bluff ? Anyone here who has the same case ” Thanks !

 

[sonuyos]

I have HDFC salary account for last 13 years and I have received INFINIA METAL LTF , yes LTF . Now I want to switch my salary account to some other bank . And close this old account for some reason , don’t ask me why I want to close such old account which would lead to lower CIBIL ..

I have ITR of 45 lakhs but my salary credit is only close to 1.5 . Hence not directly eligible for AXIS burgundy though my institution comes in their list where only 2 lakh credit is eligibility.

Approached branch , they told me if I share my last 3 months salary they will get it checked by their back end team and get approval for burgundy account .
So my question here is “Is it possible ? Or is it scam or bluff ? Anyone here who has the same case ” Thanks !

They can get approval, but the question is why will they?

Bank wont give a damn till u actually give them equal worth of value.

Best would be to either go 10lk route for 30lk TRV route or 50lk PMS route.

 

[CC_Exuberant]

They can get approval, but the question is why will they?

Bank wont give a damn till u actually give them equal worth of value.

Best would be to either go 10lk route for 30lk TRV route or 50lk PMS route.

Thanks for quick help. Let’s say if they get approval, how can be assured is it the genuine one ?
I am bad with financial terms . Apology for asking it , can you please elaborate in layman term “10lk route for 30lk TRV route or 50lk PMS route.”

 

[sonuyos]

Thanks for quick help. Let’s say if they get approval, how can be assured is it the genuine one ?
I am bad with financial terms . Apology for asking it , can you please elaborate in layman term “10lk route for 30lk TRV route or 50lk PMS route.”

What is there for you to lose either way?

For you it's win or no lose situation.

As for the thing I said.

You have 3 ways to get the card.

1 - put 10lk in the account and wait for 3-4months to become burgundy and get the card.

2 - put 30lk in the mutual funds via axis and get the card within a week or 2.

The above 2 examples are if you are eligible for the card, which in your case, you are.

3 - Get PMS via them. This is the best option as your money grows with their PMS. In past 5yrs their IRR is of 35% post expenses (which is on par with small cap index).

 

[CC_Exuberant]

What is there for you to lose either way?

For you it's win or no lose situation.

As for the thing I said.

You have 3 ways to get the card.

1 - put 10lk in the account and wait for 3-4months to become burgundy and get the card.

2 - put 30lk in the mutual funds via axis and get the card within a week or 2.

The above 2 examples are if you are eligible for the card, which in your case, you are.

3 - Get PMS via them. This is the best option as your money grows with their PMS. In past 5yrs their IRR is of 35% post expenses (which is on par with small cap index).

Update : I got the burgund salary account opened .
Next is to get Magnus burgundy card . For which she told wait for 3 months after that she would ask for approval for Magnus burgundy.

 

[sonuyos]

Update : I got the burgund salary account opened .
Next is to get Magnus burgundy card . For which she told wait for 3 months after that she would ask for approval for Magnus burgundy.

Sounds right ..

 

[magnusfan]

What is ur aim? Any reasons for looking at the 34k per annum Magnus Burgundy card with pathetic rewards - except you spend >2 lakhs per month

I have my burgundy salary account but plan to go back to HDFC since I find the interface cleaner shomehow

 

[m4b]

Magnus Burgundy card with pathetic rewards

w u t!

 

[magnusfan]

w u t!

4.8% rewards with lot of exclusions!
Ofcourse fantastic on travels and >1.5 Lakhs.. but why not use Atlas here!

 

[CC_Exuberant]

Sounds right .

What is ur aim? Any reasons for looking at the 34k per annum Magnus Burgundy card with pathetic rewards - except you spend >2 lakhs per month

I have my burgundy salary account but plan to go back to HDFC since I find the interface cleaner shomeh

What is ur aim? Any reasons for looking at the 34k per annum Magnus Burgundy card with pathetic rewards - except you spend >2 lakhs per month

I have my burgundy salary account but plan to go back to HDFC since I find the interface cleaner shomehi was

What is ur aim? Any reasons for looking at the 34k per annum Magnus Burgundy card with pathetic rewards - except you spend >2 lakhs per month

I have my burgundy salary account but plan to go back to HDFC since I find the interface cleaner shomehow

I will not go ahead with Axis until they provide LTF Magnus . Planning to either stay with HDFC or switch to HSBC having 5% cash back . I was not aware of cash back with salary account.

 

[magnusfan]

I will not go ahead with Axis until they provide LTF Magnus . Planning to either stay with HDFC or switch to HSBC having 5% cash back . I was not aware of cash back with salary account.

I have a story to tell:
With my Burgundy Salary account, I got the free Magnus Burgundy last year.
There is no change in my salary post that but they downgraded my card to normal Magnus! I am still exchanging emails with their MD office but it's like hitting my head against the wall - unable to understand why they did it!

So, let me know if u r successful to get the free Magnus Burgundy - I have more than 2L points to redeem

 

[sonuyos]

4.8% rewards with lot of exclusions!
Ofcourse fantastic on travels and >1.5 Lakhs.. but why not use Atlas here!

You must be one of those who say Amex is the most powerful card. No?

 

[sonuyos]

I will not go ahead with Axis until they provide LTF Magnus . Planning to either stay with HDFC or switch to HSBC having 5% cash back . I was not aware of cash back with salary account.

You will not get it LTF unless you are BP.

 

[Wealth is my birth right!]

You will not get it LTF unless you are BP.

with 30l FD also no LTF m4b nowadays

 

[sonuyos]

with 30l FD also no LTF m4b nowadays

Yup, even with PMS they said no. Which i guess is understandable.

 

[Wealth is my birth right!]

Yup, even with PMS they said no. Which i guess is understandable.

got it
PMS ticket my RM said 50l

 

[sonuyos]

got it
PMS ticket my RM said 50l

Yup, thats minimum for PMS.

I have done it thru them so thbat i dont have to maintain 10lk bs.

So far, ngl, it is pretty good but then again only 45 days has happened since i opened it.

8% return so far. though market is peaking.

 

[Wealth is my birth right!]

Yup, thats minimum for PMS.

I have done it thru them so thbat i dont have to maintain 10lk bs.

So far, ngl, it is pretty good but then again only 45 days has happened since i opened it.

8% return so far. though market is peaking.

hope their charges are less than 1% of PMS trades
8% for 45days honestly good only but to see their performance in a small correction trend
will DM you if any feedback reg ax-direct PMS
i look for gulaq for PMS since they look best on tech side anyway i'm yet to get my 50l from a property which may take a months time

 

[sonuyos]

hope their charges are less than 1% of PMS trades
8% for 45days honestly good only but to see their performance in a small correction trend
will DM you if any feedback reg ax-direct PMS
i look for gulaq for PMS since they look best on tech side anyway i'm yet to get my 50l from a property which may take a months time

Actually i think of it as like this.

I can get 10lk rupees benefit out of my Magnus a year for sure.

So 10lk is guaranteed return from the amount invested, thats 20% on the value. Plus in long run i get 20-30% yoy i am content from their PMS.

Thats my way to look at it.

Their charges are 2.5% per year, charged every quarter. which is industry standard.

Plus they dont charge brokerage and all that (except STT) saves probably 0.5% a yr.

 

[CC_Exuberant]

You will not get it LTF unless you are BP.

What s BP?