Axis burgundy with PPF account.

[HumorSimpson]

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.

@drsel . .

 

[Riva]

@drsel . .

If you want burgundy 1cr relationship in order to get Magnus for Burgundy, all investment need to be done via Axis. Transfer of Demat portfolio or any other such existing holding will not work.

 

[aakashgupta]

If you want burgundy 1cr relationship in order to get Magnus for Burgundy, all investment need to be done via Axis. Transfer of Demat portfolio or any other such existing holding will not work.

if i combine my family members ppf, we can meet the criteria. do they consider it?

 

[Riva]

if i combine my family members ppf, we can meet the criteria. do they consider it?

For Magnus for Burgundy card, the criteria needs to be met by the primary holder or the person who will take the M4B card.
You can fulfill any of the criteria in the doc.

 

[aakashgupta]

For Magnus for Burgundy card, the criteria needs to be met by the primary holder or the person who will take the M4B card.
You can fulfill any of the criteria in the doc.

i never said that i want the M4B card. i never enquired about the M4B card at the Axis branch. i just want a burgundy account for now. how much in PPF do i finally need to show? thanks!

 

[Trust Me]

if i combine my family members ppf, we can meet the criteria. do they consider it?

As pointed out by several members, transferring PPF account does not work! The total required amount needs to be invested through Axis. That would take decades!

Otherwise everyone would get a Burgundy account, and it would have no value left (not that it has much now anyway)!

I am surprised that a supposed Axis representative led members on with false hope. I'd only believe it after someone successfully snags a Burgundy account with a transferred PPF account!
.

 

[aakashgupta]

As pointed out by several members, transferring PPF account does not work! The total required amount needs to be invested through Axis. That would take y e a r s.

Otherwise everyone would get a Burgundy account, and it would have no value left (not that it has much now anyway)!

I am surprised that a supposed Axis representative led members on with false hope. I'd only believe it after someone successfully snags a Burgundy account with a transferred PPF account!
.

even if my combined total goes above 1cr?

 

[Copycat]

@aakashgupta

https://www.axisbank.com/docs/default-source/default-document-library/burgundy-eligibility-criteria-oct21.pdf

Everything explained here

 

[rutgersbach]

As pointed out by several members, transferring PPF account does not work! The total required amount needs to be invested through Axis. That would take decades!

Otherwise everyone would get a Burgundy account, and it would have no value left (not that it has much now anyway)!

I am surprised that a supposed Axis representative led members on with false hope. I'd only believe it after someone successfully snags a Burgundy account with a transferred PPF account!
.

I too was mislead with this, people are not understanding it correctly. Axis has not made it easy to understand with a small * at the end stating that only investments through axis is considered.

even if my combined total goes above 1cr?

Existing amount in PPF BEFORE transfer will not matter whether it is 1cr or 10 cr. Amount added to PPF AFTER transfer will be counted.

@aakashgupta

https://www.axisbank.com/docs/default-source/default-document-library/burgundy-eligibility-criteria-oct21.pdf

Everything explained here

Wording used is confusing.

 

[aakashgupta]

I too was mislead with this, people are not understanding it correctly. Axis has not made it easy to understand with a small * at the end stating that only investments through axis is considered.




Existing amount in PPF BEFORE transfer will not matter whether it is 1cr or 10 cr. Amount added to PPF AFTER transfer will be counted.



Wording used is confusing.

we invest atleast in 6L per year. how much do i need to invest into PPF per year for burgundy account then? i can keep 5-10L in my savings account too.

 

[rutgersbach]

we invest atleast in 6L per year. how much do i need to invest into PPF per year for burgundy account then? i can keep 5-10L in my savings account too.

AFAIK there is a limit of 1.5L/year for investment in PPF account. Second, on family level if you are 4 people, then 6L/year is max you can do for PPF.

If you also link NPS, then we can count additional 2L/year for 4 people. This brings us to 8L INVESTMENTS per year.


TRV(Total Relationship Value) should be total 30L in your family group. It includes:

1. Savings/Current accounts & FD/RD (Balance in Axis for your whole group)
2. PPF/NPS (Amount added AFTER transferring to Axis Bank for your whole group) - 8L/yr
3. MF/Insurance/RBI Bonds(Brought from Axis Bank with your Axis Bank Customer ID/Group ID)

So in the end, you should have 30L combined for all these things OR you can simply have Average Quarterly Balance (AQB) of 10L in your savings + current accounts

 

[thedator]

I too was mislead with this, people are not understanding it correctly. Axis has not made it easy to understand with a small * at the end stating that only investments through axis is considered.




Existing amount in PPF BEFORE transfer will not matter whether it is 1cr or 10 cr. Amount added to PPF AFTER transfer will be counted.



Wording used is confusing.

What happened in your case?

 

[rutgersbach]

What happened in your case?

I transferred my PPF thinking existing amount will be counted against burgundy criteria but it wasn't. though in my case the amount was only 3L not too much so it stung but not that much. Now working towards the criteria slowly and steadily.

 

[Vickymaster1010]

dm me please