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]

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

Right now, 7.1% pa for a 15 month term deposit of 30 lacs is the best option

 

[venkyhack]

Did anyone get an email from Axis to apply for Magnus LTF? I have a Burgundy salary account with Axis, but that was just opened 2 weeks back, so the salary is not credited yet. I got an email from AXIS support that they are still working on launching Magnus LTF for Burgundy, but i am not sure if its launched yet?

 

[drsel]

Did anyone get an email from Axis to apply for Magnus LTF? I have a Burgundy salary account with Axis, but that was just opened 2 weeks back, so the salary is not credited yet. I got an email from AXIS support that they are still working on launching Magnus LTF for Burgundy, but i am not sure if its launched yet?

So far no one has received this card but a few have got emails with the option to upgrade from their old Magnus to the Magnus for Burgundy card

 

[Salvo08]

So far no one has received this card but a few have got emails with the option to upgrade from their old Magnus to the Magnus for Burgundy card

Ya haven't received yet as the conversion/upgrade only went live yesterday morning. Though for some card has been generated yesterday itself and should be despatched in a day or two.

 

[Salvo08]

They are not offering Magnus Burgundy at 10 lakhs AQB currently
Only 30 L TRV customers are getting approved and card is instan

For some it got generated with AQB as well. As off now there seems to be total confusion among Bank executives. Their T&C too leave lot of ambiguities. One such has been brought out in this post... https://www.technofino.in/community...think-you-never-know-though.15646/post-377263

 

[anirban.choudhuryanirban.choudhury is verified member.]

For some it got generated with AQB as well. As off now there seems to be total confusion among Bank executives. Their T&C too leave lot of ambiguities. One such has been brought out in this post... https://www.technofino.in/community...think-you-never-know-though.15646/post-377263

Ok
But for all of my friends and relatives maintaining required AQB or burgundy salary with more than 3 lakhs net deposit
The upgrade request was declined on call from premium experience team stating that the offer as of now is only given to TRV based on one glance statement.

 

[Salvo08]

Ok
But for all of my friends and relatives maintaining required AQB or burgundy salary with more than 3 lakhs net deposit
The upgrade request was declined on call from premium experience team stating that the offer as of now is only given to TRV based on one glance statement.

They must have been overwhelmed by calls yesterday and no one can deny that their executives are confused, thanx to the top management for not giving clear directions. What I could gather from my interaction is that if you have received mail for upgrade then they'll share a link for consent and inform you that card will be delivered in 10 days. The card gets generated after couple of hours and Axis App starts showing the first and last four digits of the card.

 

[CMGCMG is verified member.]

What if, after this, they are charged 12.5k plus GST because they don't have a 30L TRV and it drops back to 5:2? The LTF Magnus customers are getting a shit deal if that's the case, since they will be migrating from an LTF card to a paid card.

 

[drsel]

What if, after this, they are charged 12.5k plus GST because they don't have a 30L TRV and it drops back to 5:2? The LTF Magnus customers are getting a shit deal if that's the case, since they will be migrating from an LTF card to a paid card.

Yes I confirmed then reconfirmed many times that you have to keep that 30 lakh fixed deposit forever as long as you want to maintain that magnus for burgundy card.

in case you need to break the 30 lakhs fixed deposit then you have to close the magnus for burgundy card first, so that they will not charge 14750

 

[Deathsnatcher]

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.

i would like to keep my paid magnus but tranfer ratio 5:4
i am already a burgndy customer what i am supposed to do now
can you suggest something.

 

[Salvo08]

What if, after this, they are charged 12.5k plus GST because they don't have a 30L TRV and it drops back to 5:2? The LTF Magnus customers are getting a shit deal if that's the case, since they will be migrating from an LTF card to a paid card.

Then close Magnus and Burgundy account as well. As it is, Magnus would be useless with 5:2 and Bank would lose a good Salary or AQB account. The simple math shows that maintaining 10L AQB is less beneficial than the 30L TRV for a customer and a very Happy situation for the Bank. With 10L in Savings, Axis is giving you 3% that too on quarterly basis whereas other banks like IDFC and AU give you 7%, credited each month (I'm only talking about the rate of interest in savings account and not FD). So to save ₹12500+GST and 5:4 conversion, a customer is affectively losing 40K. Axis should be happy that so many are willing to maintain 10L AQB (as I gather from Technofino, there are many who recently got the accounts upgraded to Burgundy).

Frankly, Magnus at present is a wastage of time. For people who don't stay in Mumbai or Bengaluru, Meet and greet is useless and so would be BMS offer. Axis top management should be happy that so many are still interested in the card.

 

[hrishig]

I got an email from Magnus for an upgrade, called CC, and gave my consent for the card upgrade. They sent me a link via SMS. After completing the form, I was told that the new Free Magnus with a 5:4 transfer ratio is on its way. It will be MasterCard instead of Visa.

 

[anirban.choudhuryanirban.choudhury is verified member.]

I got an email from Magnus for an upgrade, called CC, and gave my consent for the card upgrade. They sent me a link via SMS. After completing the form, I was told that the new Free Magnus with a 5:4 transfer ratio is on its way. It will be MasterCard instead of Visa.

Are you maintaining required TRV of 30 lakhs or AQB of 10 lakhs ?

 

[drsel]

 

[Dragon_slayer]

Also, the current magnus card is blocked immediately as soon as you give consent.

I got an email from Magnus for an upgrade, called CC, and gave my consent for the card upgrade. They sent me a link via SMS. After completing the form, I was told that the new Free Magnus with a 5:4 transfer ratio is on its way. It will be MasterCard instead of Visa.

 

[Salvo08]

I got an email from Magnus for an upgrade, called CC, and gave my consent for the card upgrade. They sent me a link via SMS. After completing the form, I was told that the new Free Magnus with a 5:4 transfer ratio is on its way. It will be MasterCard instead of Visa.

Ya the new Card starts with 52xx series as against 4514 of the previous one.

 

[hrishig]

Are you maintaining required TRV of 30 lakhs or AQB of 10 lakhs ?

Both along with few other criteria mentioned in T&C 🫣

 

[anirban.choudhuryanirban.choudhury is verified member.]

Both along with few other criteria mentioned in T&C 🫣

Yeah
The only criteria that matters to them is 30 lakhs TRV

 

[hrishig]

Also, the current magnus card is blocked immediately as soon as you give consent.

They told me both would be valid till the time I start using the new card. But the axis site/app is showing a new master card and visa card is no longer visible.

 

[Salvo08]

They told me both would be valid till the time I start using the new card. But the axis site/app is showing a new master card and visa card is no longer visible.

Ya the old card though disappeared from the app but is still functional.