Axis burgundy with PPF account.

[crasher]

@Priya Karam - I want to open burgundy private - please dm me. I want to know min criteria

 

[Priya KaramPriya Karam is verified member.]

@Priya Karam - I want to open burgundy private - please dm me. I want to know min criteria

Hi,
Help me with your contact number so that I can better assist you on this.

Thank you

 

[Priya KaramPriya Karam is verified member.]

Can you DM me on this as well @Priya Karam? If PPF is higher than 30L, will it count as eligibility criteria?

Hi,
Sorry for the late response. Is your query solved on this matter?

 

[Priya KaramPriya Karam is verified member.]

Kindly DM me the same with the min req in PPF for burgundy

Kindly DM me the same with the min req in PPF for burgundy.

It's 30L min

 

[Priya KaramPriya Karam is verified member.]

Hi , can u send me the details ?

Hi,
Sorry for the late response. Is your query solved on this matter?

 

[Priya KaramPriya Karam is verified member.]

@Priya Karam can you send me details

Hi,
Sorry for the late response. Is your query solved on this matter?

 

[nishank]

@Priya Karam - I want to open Axis Burgundy on basis of PPF and NPS transfer. Can you please help

 

[RAMESH BABU N]

The balances held in PPF are not part of Bank/Post Office funds. That amount belongs to GoI. Banks/PO acts as an agent of GoI. Just like LIC for PMVVY - Prime Minister Vaya Vandana Yojana.

So, I wonder if Axis RMs are considering it as their own deposits.

Ignorance is a bliss.

 

[ccdc]

PPF's aren't counted unless someone here has opened a burgundy account solely on the basis of ppf account transfer (just account transfer not new deposits in ppf).

 

[HumorSimpson]

The balances held in PPF are not part of Bank/Post Office funds. That amount belongs to GoI. Banks/PO acts as an agent of GoI. Just like LIC for PMVVY - Prime Minister Vaya Vandana Yojana.

So, I wonder if Axis RMs are considering it as their own deposits.

Ignorance is a bliss.

Well said. After reading this and realizing, they may change Burgundy rules again.

 

[Copycat]

The balances held in PPF are not part of Bank/Post Office funds. That amount belongs to GoI. Banks/PO acts as an agent of GoI. Just like LIC for PMVVY - Prime Minister Vaya Vandana Yojana.

So, I wonder if Axis RMs are considering it as their own deposits.

Ignorance is a bliss.

1) Are the PPF funds held within the private bank? Or are they transferred to some central corpus that the Government maintains and invests?
2) If the funds are held by the bank, are there any restrictions on the bank deploying the said funds? I mean, could the bank loan out the funds to get say 14% interest, pay PPF interest of 8.5% (assumed amount) from that and retain the remaining 5.5%?

 

[ccdc]

1) Are the PPF funds held within the private bank? Or are they transferred to some central corpus that the Government maintains and invests?
2) If the funds are held by the bank, are there any restrictions on the bank deploying the said funds? I mean, could the bank loan out the funds to get say 14% interest, pay PPF interest of 8.5% (assumed amount) from that and retain the remaining 5.5%?

lets assume ppf at 15% (as long as we are assuming)....in this case axis will give you 1% extra for doing ppf with them....enjoy!!!

 

[RAMESH BABU N]

lets assume ppf at 15% (as long as we are assuming)....in this case axis will give you 1% extra for doing ppf with them....enjoy!!!

Read n know about PPF first.

Then, decide on your assumptions.

 

[ccdc]

Read n know about PPF first.

Then, decide on your assumptions.

my comment was meant to be taken as sarcasm....i very well know about ppf and many others...

 

[APT]

Hi,
Sorry for the late response. Is your query solved on this matter?

Kindly DM me the same with the min req in PPF for burgundy

 

[Copycat]

lets assume ppf at 15% (as long as we are assuming)....in this case axis will give you 1% extra for doing ppf with them....enjoy!!!

my comment was meant to be taken as sarcasm....i very well know about ppf and many others...

What's the point of this reply? Either you answer what I think is a valid question or just let things be and let those who know answer. I don't think there is any need for sarcasm here.

FYI, I'll be extending my account for the 3rd time on 2nd April, so I'm well aware of the scheme from a consumer viewpoint. I'd like to know more about the inner workings of the scheme and that's something I couldn't find with a quick Google search. After all, there must be a reason why Axis is willing to bestow Burgundy status on those who transfer a 30L+ PPF account

 

[ccdc]

What's the point of this reply? Either you answer what I think is a valid question or just let things be and let those who know answer. I don't think there is any need for sarcasm here.

FYI, I'll be extending my account for the 3rd time on 2nd April, so I'm well aware of the scheme from a consumer viewpoint. I'd like to know more about the inner workings of the scheme and that's something I couldn't find with a quick Google search. After all, there must be a reason why Axis is willing to bestow Burgundy status on those who transfer a 30L+ PPF account

look mr copycat...sarcasm is good anywhere...i have also faced sarcasm on my comments...haven't cried....so you also shouldn't....laugh at it and move on...secondly ppf account is not included in TRV/NRV in any bank....unless as i said earlier someone here has got the burgundy status solely on the basis of transfer of ppf account from some other bank to axis (just transfer not fresh ppf deposits)

 

[crasher]

Hi,
Help me with your contact number so that I can better assist you on this.

Thank you

I've already opened BP account. Thanks.
Now I want to close it after the brutal devaluation.

 

[nishank]

I am happy I havent gone forward with opening axis.

 

[aakashgupta]

Yes, it will be considered.

I just went to an Axis Bank branch and was told that we need atleast 1CR relationship with Axis Bank for Burgundy Account. I have more than 30L in my PPF alone and we are 4 members in family if we could combine our balances to meet the criteria.

Please advise.