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 🙏

 

[drsel]

If i open burgundy today for 10-15 lakh savings, am I assured of getting magnus for burgundy?
If not why should i keep 10-15 idle and then become eligible for magnus for burgundy and after that they reject my application

You have to wait at least 45 days after you get the burgundy status and maintain average quarterly balance of 10 lakhs.

they will check after 45 days and then you can phone the branch to send the email link to upgrade Magnus to Magnus for burgundy

 

[MilesMax]

If i open burgundy today for 10-15 lakh savings, am I assured of getting magnus for burgundy?
If not why should i keep 10-15 idle and then become eligible for magnus for burgundy and after that they reject my application

If you are an existing Magnus user then yes. 45 days of burgundy status with 10L AQB.

If you are not an existing Magnus holder then you have to meet both the above burgundy criteria along with required ITR criteria for new Magnus credit card as well.

 

[drsel]

If i open burgundy today for 10-15 lakh savings, am I assured of getting magnus for burgundy?
If not why should i keep 10-15 idle and then become eligible for magnus for burgundy and after that they reject my application

You need to show income proof of 24 lacs per annum to be eligible for Magnus card, and then you have to open a Burgundy savings account with a minimum 10 lacs deposit and maintain minimum 10 lakhs average quarterly balance for at least 45 days

 

[Deleted member 11974]

You need to show income proof of 24 lacs per annum to be eligible for Magnus card, and then you have to open a Burgundy savings account with a minimum 10 lacs deposit and maintain minimum 10 lakhs average quarterly balance for at least 45 days

24 lakhs is a joke
5L ke ITR wale logon ko approve hua hai
bas 10L rakho approve hojayega
nahi hua to nikal lena

 

[CardScout]

You got wrong information from customer service.
people have already received the email to upgrade to Magnus for burgundy

Can you please share such email?

 

[drsel]

Can you please share such email?

I have not received it, but others have received it on the forum with more than 5000 posts--

Axis Magnus - Magnus, Reserve & Other Axis Bank Credit Cards | Devaluation w.e.f. 1st Sep 2023.

45 days is for 10l. I assume putting 15l can make someone eligible in 23 days. Or Am I wrong? Yes you are wrong 😀

www.technofino.in

 

[Dragon_slayer]

You need to show income proof of 24 lacs per annum to be eligible for Magnus card, and then you have to open a Burgundy savings account with a minimum 10 lacs deposit and maintain minimum 10 lakhs average quarterly balance for at least 45 days

There is no such ITR requirement. Whats the source for this info?

 

[drsel]

There is no such ITR requirement. Whats the source for this info?

Google all the reviews of Magnus by card expert, card maven, techno fino.
See YouTube video of spend wisely.
All of them cannot be wrong

 

[CMGCMG is verified member.]

There is no such ITR requirement. Whats the source for this info?

There is a requirement that for new cards (not upgrading old Magnus to new Magnus), one should be eligible for the Magnus card. I don't think that will be strictly enforced.

 

[Salvo08]

You got wrong information from customer service.
people have already received the email to upgrade to Magnus for burgundy

They have already shared the detailed T&C yesterday night

 

[drsel]

 

[drsel]

View attachment 30849

Senior manager advised it is better to transfer another 20 lacs to your saving account and then put that 30 lacs in a term deposit
If you have a 30 lacs term deposit, you can keep your saving balance almost zero without any problem.

Then apply for the Magnus Burgundy card.
You need to keep the 30 lacs fixed deposit as long as you want Magnus Burgundy card.

I hope this make it very clear and there is no more controversy at all.

 

[anirban.choudhuryanirban.choudhury is verified member.]

The very first criterion of 10 lacs AQB is allowed as eligible for Magnus burgundy, but you have to wait 90 days from start of Burgundy savings account. (not calendar quarter).
But by that time it will beyond 30th November, which is the last date for availing the upgrade to Magnus for Burgundy account
(There is no such thing as 45 days wait for AQB 10 lacs.)

Senior manager advised it is better to transfer another 20 lacs to your saving account and then put that 30 lacs in a short term deposit of 7 to 14 days or 15 to 30 days at a very low interest rate of 3.5%.
If you have a 30 lacs short term deposit, you can keep your saving balance almost zero without any problem.

then apply for the Magnus Burgundy card.
once this free card is granted and your term deposit matures, you can keep only 10 lacs in savings to maintain 10 lacs AQB , and invest the remaining 20 lacs elsewhere.

I hope this make it very clear and there is no more controversy at all.

They are not offering Magnus Burgundy at 10 lakhs AQB currently
Only 30 L TRV customers are getting approved and card is instantly generated for them .

 

[drsel]

They are not offering Magnus Burgundy at 10 lakhs AQB currently
Only 30 L TRV customers are getting approved and card is instantly generated for them .

Thank you sir,
Does that mean I should quickly transfer 20 lacs and make a 30 lacs short term deposit for 7 days or 15 days?
And then apply for the Magnus for burgundy card?

Once 30 lakh short term deposit matures, then can I keep 10 lacs in savings to maintain 10 lacs AQB and invest the rest 20 lacs elsewhere?

 

[anirban.choudhuryanirban.choudhury is verified member.]

Thank you sir,
Does that mean I should quickly transfer 20 lacs and make a 30 lacs short term deposit for 7 days or 15 days?
And then apply for the Magnus for burgundy card?

Once 30 lakh short term deposit matures, then can I keep 10 lacs in savings to maintain 10 lacs AQB and invest the rest 20 lacs elsewhere?

You need to wait till the 30 lakhs deposit appears on your one glance statement .
Post that you can call axis and ask to either upgrade your current Magnus to burgundy magnus or apply for fresh magnus from branch or online.

 

[anirban.choudhuryanirban.choudhury is verified member.]

Thank you sir,
Does that mean I should quickly transfer 20 lacs and make a 30 lacs short term deposit for 7 days or 15 days?
And then apply for the Magnus for burgundy card?

Once 30 lakh short term deposit matures, then can I keep 10 lacs in savings to maintain 10 lacs AQB and invest the rest 20 lacs elsewhere?

Also every 6 months Axis would review your account and if it finds that you are not maintaining the required TRV of 30 lakhs , it would cancel your LTF magnus and issue you a chargeable normal magnus with 12.5k annual fees
So if you want to keep burgundy magnus as LTF you would need to maintain that TRV for the entire card tenure.

 

[drsel]

You need to wait till the 30 lakhs deposit appears on your one glance statement .
Post that you can call axis and ask to either upgrade your current Magnus to burgundy magnus or apply for fresh magnus from branch or online.

Thanks so after getting the magnus for burgundy card can we reduce the saving amount to only 10 lakhs and invest 20 lakh elsewhere?
Or is this a violation of TRV 30 lacs?

Do we need to keep the 30 lacs permanently with Axis as long as we have magnus burgundy card?

 

[chasni]

Thanks so after getting the magnus for burgundy card can we reduce the saving amount to only 10 lakhs and invest 20 lakh elsewhere?
Or is this a violation of TRV 30 lacs?

Do we need to keep the 30 lacs permanently with Axis as long as we have magnus burgundy card?

TRV means you have to stay invested with Axis for 30lac.

 

[mastfun]

Thanks so after getting the magnus for burgundy card can we reduce the saving amount to only 10 lakhs and invest 20 lakh elsewhere?
Or is this a violation of TRV 30 lacs?

Do we need to keep the 30 lacs permanently with Axis as long as we have magnus burgundy card?

My RM told me that you will have to keep it for entire tenure!!

 

[anirban.choudhuryanirban.choudhury is verified member.]

Thanks so after getting the magnus for burgundy card can we reduce the saving amount to only 10 lakhs and invest 20 lakh elsewhere?
Or is this a violation of TRV 30 lacs?

Do we need to keep the 30 lacs permanently with Axis as long as we have magnus burgundy card?

Yes
TRV is basically total relationship value , which you need to maintain at every point.
Only then your magnus would be LTF