Burgundy not maintaining AQB consequences? And does Burgundy Debit Card enjoy HNI transfer ratio?

[Crusader4Credit]

I had opened Burgudy last September with a deposit of Rs. 5 Lakhs. Have not maintained balance above 50,000 since then. Today I got an SMS from Axis Bank regarding non maintenance of AQB. Can anybody confirm if there will be a penalty/late fee for not maintaining the AQB. The BM had mentioned at the time of opening that the account would simply be downgraded without any charges.

Also does having a Burgundy A/C and Debit card let us transfer ER at the 5:4 ratio? Or do we specificially need an HNI credit card.

 

[Wealth is my birth right!]

I had opened Burgudy last September with a deposit of Rs. 5 Lakhs. Have not maintained balance above 50,000 since then. Today I got an SMS from Axis Bank regarding non maintenance of AQB. Can anybody confirm if there will be a penalty/late fee for not maintaining the AQB. The BM had mentioned at the time of opening that the account would simply be downgraded without any charges.

Also does having a Burgundy A/C and Debit card let us transfer ER at the 5:4 ratio? Or do we specificially need an HNI credit card.

part 1 leaving for anyone who have such experience
Part 2 yes if u have an hni card like magnus then only 5:4 possible else 5:1 only

 

[Dragon_slayer]

I had opened Burgudy last September with a deposit of Rs. 5 Lakhs. Have not maintained balance above 50,000 since then. Today I got an SMS from Axis Bank regarding non maintenance of AQB. Can anybody confirm if there will be a penalty/late fee for not maintaining the AQB. The BM had mentioned at the time of opening that the account would simply be downgraded without any charges.

Also does having a Burgundy A/C and Debit card let us transfer ER at the 5:4 ratio? Or do we specificially need an HNI credit card.

I dont think there are any non maintenance charges, but you will definitely be downgraded. Once downgraded you will be charged for holding Burgundy debit card ( costs 1500 INR )

No, the transfer ratio is not applicable for Burgundy ddebit cards.

 

[Copycat]

New Axis Bank charges

https://application.axisbank.co.in/FeesAndChargeMaster/pdf/Website%20notice%20revision%20in%20tariff_April%202023.pdf

The most interesting line (not applicable in your case as it doesn't mention Burgundy)
"Non-maintenance fee is not applicable for Premium segment accounts if 25% of required TRV is maintained"
I wonder if that applies to Burgundy. If yes, then you only need to maintain a TRV of 7.5 lakhs instead of 30 lakhs

 

[Crusader4Credit]

I dont think there are any non maintenance charges, but you will definitely be downgraded. Once downgraded you will be charged for holding Burgundy debit card ( costs 1500 INR )

No, the transfer ratio is not applicable for Burgundy ddebit cards.

Is there a way to opt out of holding a Burgundy debit card post downgrade? I actually wouldn't mind switching to the paid Delight Debit card instead, for the Swiggy offers.

 

[Crusader4Credit]

New Axis Bank charges

https://application.axisbank.co.in/FeesAndChargeMaster/pdf/Website%20notice%20revision%20in%20tariff_April%202023.pdf

The most interesting line (not applicable in your case as it doesn't mention Burgundy)
"Non-maintenance fee is not applicable for Premium segment accounts if 25% of required TRV is maintained"
I wonder if that applies to Burgundy. If yes, then you only need to maintain a TRV of 7.5 lakhs instead of 30 lakhs

Interesting indeed. Also now wondering if 25% of 5 lakhs (the initial a/c opening requirement) will do?

 

[Dragon_slayer]

Close the card BEFORE downgrading.

Is there a way to opt out of holding a Burgundy debit card post downgrade? I actually wouldn't mind switching to the paid Delight Debit card instead, for the Swiggy offers.