Axis Magnus Burgundy Magnus 5:4 ratio

[drsel]

1) Please post here when your Magnus card with Burgundy status shows a 5:4 conversion ratio.

2) Also post if you have received a brand new Burgundy Magnus card or have the same old Magnus card.

3) Whether the brand new burgundy Magnus card is lifetime free or old Magnus card is made lifetime free because of your Burgundy 10 lac AQB savings account.

So far I don't think anyone in India is getting it, but its supposed to be starting from 15 to 21 September 2023.

Also kindly let us know how simple and easy it is to convert your existing ordinary savings account in Axis Bank to a Burgundy savings account. Thanks

 

[MilesMax]

Indusind offers 3.5% on funds upto 10 lakhs and ,4.5% on funds above 10 lakhs

Equitas is better in terms of SB interest.

Up to ₹ 1 lakh	3.50%
Above ₹ 1 lakh and upto ₹ 5 lakhs	5.25%
Above ₹ 5 lakhs and upto ₹ 50 Crs	7.00%

 

[anirban.choudhuryanirban.choudhury is verified member.]

Equitas is better in terms of SB interest.

Up to ₹ 1 lakh	3.50%
Above ₹ 1 lakh and upto ₹ 5 lakhs	5.25%
Above ₹ 5 lakhs and upto ₹ 50 Crs	7.00%

Yup keeping 10 lakhs AQB for magnus is doing FD at 3% interest rate as you can't withdraw your money and it would become chargeable
Agr rakhna hi hai toh 30 lakhs rakho Kam s kam 6.5% tom milega

Ya fir burgundy salary , 10 lakhs AQB for LTF magnus is a poor decision

 

[RajBlr]

Indusind offers 3.5% on funds upto 10 lakhs and ,4.5% on funds above 10 lakhs

Wow Indusind looks amazing in this front on the SB balance interest rate - https://www.indusind.com/in/en/personal/rates.html#saving-bank-account-interest-rate

 

[MilesMax]

Yup keeping 10 lakhs AQB for magnus is doing FD at 3% interest rate as you can't withdraw your money and it would become chargeable
Agr rakhna hi hai toh 30 lakhs rakho Kam s kam 6.5% tom milega

Ya fir burgundy salary , 10 lakhs AQB for LTF magnus is a poor decision

In my case "self-employed" so salary is out of question.

At 10L AQB I am missing 4% compared to 7% FD rates.
Basically 40K.
Now that 40k at 30% tax slab will become 28k
-14.5k Magnus fee
= 13.5k effective loss.

I can easily recover this at 50% more miles in 3 months of normal spends.

Only reason to consider the AQB is less capital lock. I moved emergency funds from Equitas to Axis.

If Axis forces 30L TRV I'd mostly withdraw the 10L and close burgundy and stick to Atlas. As I prefer equity investments.

 

[anirban.choudhuryanirban.choudhury is verified member.]

Wow Indusind looks amazing in this front on the SB balance interest rate - https://www.indusind.com/in/en/personal/rates.html#saving-bank-account-interest-rate

View attachment 31363

This indeed looks good
I was not aware of the new interest rates

 

[anirban.choudhuryanirban.choudhury is verified member.]

In my case "self-employed" so salary is out of question.

At 10L AQB I am missing 4% compared to 7% FD rates.
Basically 40K.
Now that 40k at 30% tax slab will become 28k
-14.5k Magnus fee
= 13.5k effective loss.

I can easily recover this at 50% more miles in 3 months of normal spends.

Only reason to consider the AQB is less capital lock. I moved emergency funds from Equitas to Axis.

If Axis forces 30L TRV I'd mostly withdraw the 10L and close burgundy and stick to Atlas. As I prefer equity investments.

If your spends are above 2.5-3 lakhs a month
Burgundy Magnus definitely gives better rewards than any other cards.

I am an equity guy too , so keeping 10 lakhs in a SB is a strict no for me, as I know that I can't recover the return that I would miss on that 10 lakhs through my spends.

 

[MilesMax]

If your spends are above 2.5-3 lakhs a month
Burgundy Magnus definitely gives better rewards than any other cards.

I am an equity guy too , so keeping 10 lakhs in a SB is a strict no for me, as I know that I can't recover the return that I would miss on that 10 lakhs through my spends.

More like 1.5L normally. Higher during trips. I do travel frequently and my family members too so I have frequent Traveledge spends.

Lately the gap in revenue price is increasing in Traveledge so I got Atlas as alternative for extreme cases.

True, SB at 3% is pretty bad. Anyway I used to keep 6-8L in SB as emergency funds (earnings as self-employed are erratic lol) which I moved to Axis for lower interest rates.

 

[Salvo08]

I got my card today but add-on cards are missing. CC said that they will be delivered in the next ten days.

Do you have multiple add-on cards? They told me the same 3 days back. And today I was told by the CC executive that I need to go to the nearest branch to apply again. I’m more than certain that she was totally unaware of whatever I asked. I actually called up to check my expenditure on Select Card and she gave a wonky figure for that as well. But since she has put that add-on card doubt in my mind, I’ll check again in couple of days.

 

[Salvo08]

Wow Indusind looks amazing in this front on the SB balance interest rate - https://www.indusind.com/in/en/personal/rates.html#saving-bank-account-interest-rate

View attachment 31363

IDFC and AU offer 7% above 10L

 

[jack333]

IDFC and AU offer 7% above 10L

Rbl offers 6% on whole amount above 1 lakh if you keep more than 10 lakh. If you keep more than 25L then its 7.5% on whole amount above 1L

 

[drsel]

Better you keep 30 lacs in Axis term deposit get 7.1% interest (17750) payable monthly and get the lifetime free Magnus for burgundy card

 

[Salvo08]

Rbl offers 7% above 1 lakh if you keep more than 10 lakh

Its same for IDFC and AU. I mean if your MAB is > 10L then you get 7%.

 

[Salvo08]

Better you keep 30 lacs in Axis term deposit get 7.1% interest (17750) payable monthly and get the lifetime free Magnus for burgundy card

Not all have that kind of money to spare for FDs.

 

[mastfun]

IDFC changed their interest rates as well:

 

[Salvo08]

IDFC changed their interest rates as well:
View attachment 31386

Thanx Sharing Buddy. And thanx to IDFC for revising the ROI .

 

[MilesMax]

Not all have that kind of money to spare for FDs.

Even if they did have there is no point in locking 20L more in FDs when the 10L AQB is enough.

 

[Salvo08]

We are losing on ₹25,767/- to save ₹14750/- Magnus fee .

 

[MilesMax]

We are losing on ₹25,767/- to save ₹14750/- Magnus fee .

View attachment 31387

Equitas gets you 59,500 for 10L
Better than IDFC.

 

[MilesMax]

Rbl offers 7% above 1 lakh if you keep more than 10 lakh

Where is this mentioned? Can you please post the source link?

 

[mastfun]

Where is this mentioned? Can you please post the source link?

It's not: