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 🙏

 

[CARDBITRAGE]

Exactly why I don't want to bank with Axis. Extremely deceitful and conniving! 10L in savings are actually their best and most profitable customers.

 

[SM24]

Can we get a Burgundy relationship immediately if we transfer 1Cr worth of demat holdings to Axis?

Knowing Axis, immediately, even if promised, is not to be believed.

WRT to 1 Cr demat holdings

1. Burgundy Care confirmed that 1 Cr worth of demat holdings transferred from others also qualifies

2. RM & BM first pointed to document which said 'Only Investments via Axis Bank will be considered for Investment Relationship.
RM, later, checked internally and said demat holdings over 1 Cr. transferred from others also qualifies for Burgundy.

This update is based on my enquiries within the last 30-40 days.

 

[drsel]

You will have to pay high fees for debiting the shares from 1 DP and transferring to another

 

[drsel]

What are the fees for transferring one crore worth of shares from 1 DP to another?

 

[CARDBITRAGE]

Knowing Axis, immediately, even if promised, is not to be believed.

WRT to 1 Cr demat holdings

1. Burgundy Care confirmed that 1 Cr worth of demat holdings transferred from others also qualifies

2. RM & BM first pointed to document which said 'Only Investments via Axis Bank will be considered for Investment Relationship.
RM, later, checked internally and said demat holdings over 1 Cr. transferred from others also qualifies for Burgundy.

This update is based on my enquiries within the last 30-40 days.

That's my main concern. Axis has lost all of its credibility in my eyes. I will take it in writing first if they agree, before transferring my holdings. But 1Cr demat transfer will be the cheapest and most efficient way, so I doubt they will agree as they will not be benefiting from this monetarily in any way.

 

[CARDBITRAGE]

You will have to pay high fees for debiting the shares from 1 DP and transferring to another

Nope. It's just 0.0354%(including GST) of the turnover in my case.

 

[hrishig]

Knowing Axis, immediately, even if promised, is not to be believed.

WRT to 1 Cr demat holdings

1. Burgundy Care confirmed that 1 Cr worth of demat holdings transferred from others also qualifies

2. RM & BM first pointed to document which said 'Only Investments via Axis Bank will be considered for Investment Relationship.
RM, later, checked internally and said demat holdings over 1 Cr. transferred from others also qualifies for Burgundy.

This update is based on my enquiries within the last 30-40 days.

1+Cr Demat holding, even with the transfer, should do the trick, but I don't know if they will immediately grant magnus. If you are holding shares long-term, it is better to park with the Axis Demat account. There are no yearly maintenance charges for the burgundy demat holder, but they have higher charges for the buy/ sell of the scripts. So, for trading, you can use other Dmat accounts, and for long-term/ generational holding, use Axis Dmat.

 

[hrishig]

You will have to pay high fees for debiting the shares from 1 DP and transferring to another

Isn't that the same fees for all Dmat transfers? What is special about the axis dmat?

 

[Salvo08]

Check with the Burgundy relationship manager whether you need to have bought the one crore shares through Axis Bank or its ok if you transfer it from another DP

If you transfer the DP and wait for couple of months then the relationship is of 1Cr so doesn’t matter.

 

[Salvo08]

30 lacs fixed deposit on 29 September and after 20 days I am still not eligible

Their FAQs said 45 days. Though the way things are at present, one cannot be sure even then.

 

[CARDBITRAGE]

Update: They will not consider a Demat transfer worth 1CR for the Burgundy relationship, and only investments through Axis would be considered. So that option won't work. 🙁
They said they may consider a Demat transfer for the Burgundy Private relationship, but they will only consider the value after 1 year of completion in the Demat account.

They suggested me to open an account and maintain a balance of 10L or open a 30L FD in my customer ID as that would be the fastest way. I guess I'm too late now.

 

[Deleted member 11974]

then selling the investments are re investing them into axis demat wont be viable just for burgundy

 

[CARDBITRAGE]

then selling the investments are re investing them into axis demat wont be viable just for burgundy

That's the worst option. I'll lose waaaaay too much. I would have to unnecessarily realise a lot of P&L. Demat transfer would've just cost around 4k in fees.

 

[Deleted member 11974]

That's the worst option. I'll lose waaaaay too much. I would have to unnecessarily realise a lot of P&L. Demat transfer would've just cost around 4k in fees.

yup thats what i had thought
not worth it then
try escalating to a internal contact at senior level if they are ready to considere this

 

[CARDBITRAGE]

yup thats what i had thought
not worth it then
try escalating to a internal contact at senior level if they are ready to considere this

I've been trying for weeks. I also expressed that I was interested in taking a few loans, but they said they couldn't allow this as they would not benefit from this in any way.

 

[SM24]

Update: They will not consider a Demat transfer worth 1CR for the Burgundy relationship, and only investments through Axis would be considered. So that option won't work. 🙁
They said they may consider a Demat transfer for the Burgundy Private relationship, but they will only consider the value after 1 year of completion in the Demat account.

They suggested me to open an account and maintain a balance of 10L or open a 30L FD in my customer ID as that would be the fastest way. I guess I'm too late now.

They, as in?

Bummer though.

My BM & RM had said the same.

Burgundy care after initial confusion said demat transfers from other securities are valid criteria to qualify for Burgundy.

This was later confirmed by my RM, who owned up and said his initial assessment was wrong.

 

[CARDBITRAGE]

They, as in?

Bummer though.

My BM & RM had said the same.

Burgundy care after initial confusion said demat transfers from other securities are valid criteria to qualify for Burgundy.

This was later confirmed by my RM, who owned up and said his initial assessment was wrong.

I spoke to a couple of BMs across multiple branches. They tried everything but they said the criteria are pretty strict especially now, considering they are handing out Burgundy CC LTF.

 

[Salvo08]

I spoke to a couple of BMs across multiple branches. They tried everything but they said the criteria are pretty strict especially now, considering they are handing out Burgundy CC LTF.

That's actually not true if you do the maths. 10L in Axis Burgundy will get you 30K interest PA (not taking IT into account) and the same amount kept in banks like AU and IDFC will get you 70K. So effectively Magnus Burgundy is for 40K. Earlier maintaining Burgundy in a family ID wasn't all that difficult but now the bank wants the individual Burgundy criteria to be met for Magnus CC.

 

[drsel]

That's actually not true if you do the maths. 10L in Axis Burgundy will get you 30K interest PA (not taking IT into account) and the same amount kept in banks like AU and IDFC will get you 70K. So effectively Magnus Burgundy is for 40K. Earlier maintaining Burgundy in a family ID wasn't all that difficult but now the bank wants the individual Burgundy criteria to be met for Magnus CC.

10 lakh is not eligible.
30 lacs in fixed deposit 15 months at 7.1% interest is the best option to get Magnus Burgundy lifetime free

 

[chasni]

10 lakh is not eligible.
30 lacs in fixed deposit 15 months at 7.1% interest is the best option to get Magnus Burgundy lifetime free

Did u get it?