If a family member has a burgundy account and he adds me to that as burgundy family account, does that also translate to Magnus 5:4 ratio and maybe free Magnus afterwards?
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Burgundy family account Magnus benifits?
- Thread starter miles_guy
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yes
Rajat_rad
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My dad had His personal account, HUF account and i have one account in Axis bank. Its more than 6-7 old relationship. I opened as priority banking 6-7 years back. Since then maximum relationship is with HUF account. Dad's personal account has few lakhs, but mine is non maintained. Presently he has 60 FD in his Axis HUF account. Can i apply for burgundy relation with Axis and eventually Magnus for burgundy LTF. Kindly opine. Thanks
Shouldn't be as Axis clearly mentions meeting Burgundy criteria individually to get Magnus Burgundy. But you can still try your luck as anything is possible with Axis.
Ya if you one wants Magnus Burgundy 😁. Otherwise account is still not all that bad.
In terms of debit card, no doubt burgundy is quite good and give benefits equivalent to a starter credit card. Select being free is an added benefit.
But if you are looking for something in terms of premium rewards, I doubt it will help you unless you maintain a 30L TRV.
How?
Whats a better option then for similar "TRV brackets" and/ or TRV brackets compared across various Banks?
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If one wants Magnus Burgundy then probably none considering the rewards rate and other benefits. One can explore HSBC Premier but then you need to be in cities where they provide service.
This thread was for Family Burgundy. In my opinion it’s not wise to park 30L in an account for a credit card. Few can have the luxury to park so much money in an account that too Axis whereas all other banks offer better interest rates.
Just asking if there is / are better cards that Banks offer based on TRV?
Can you elaborate on it, how its better? (assuming its available in ones city).
Thats why I am asking as my Parents were Burgundy and now we got upgraded too.
I dont think they park it in accounts, they put it into "Investment Schemes" Hence its not called MAB, but TRV.
I havent had the change to explore this space, esp in India so I cant comment on best ways to PARK / INVEST $$$ for Growth.
Since we are learning, which banks give better rates compared to Axis?
Too many questions. Think should be charging a consultation fee for that 😉.
Ciao
May not be TRV based only, depending on your usage and the value you want to derive out of it, you can get the card. These choices are subjective. I consider HDFC Infinia a much better card than Magnus with excellent premier customer care services. Some consider Amex cards to be better ones. So whatever suits your need is a good card for you.
I never meant that it is better card than Magnus but yes there are some who do not like Axis as a bank and consider to switch to other banks. But ya the card is only given based on the TRV of 40L.
If you have been upgraded and your parents are maintaining the TRV or MAB then your parents are eligible for Magnus Burgundy and not you. So to make it simple, an acct holder individually has to meet the TRV/MAB criteria. If in a family ID two acct holders meet that criteria on their own then both are eligible for Magnus Burgundy. Go through the bank FAQs and you’ll understand other nuisances as well.
What I meant was FDs etc. If they have other investments in equity etc then TRV required is 1Cr.
Oh that’s a very simple answer. Almost all private sector banks offer good interest on Savings account and much better in FDs. Please check IDFC, AU, IndusInd etc. Even HDFC offers better ROI on FDs though marginally. IDFC offers 7% on savings acct if your balance is > 5L.
Ciao
Interesting. So BGD Fam vs BGD Solo. Can it be both? Will check. Thanks.
Interesting. Now to google for a comparative chart of these online 🙂
Arrivederci 🙂
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