Axis Magnus Filing case against Axis Bank in Consumer court

[wokrishnahai]

I'll dive straight into the core details of my situation:

On September 16, 2023, I reached out to the premium experience service to clarify whether I should wait to open a burgundy account (AQB) or proceed with opening one to seek an upgrade. The response from the premium experience was to wait for notification before opening the account.

On September 28, 2023, my current relationship manager (RM) shared the terms and conditions of the Axis MB and advised me to open the account, assuring me that my card would be upgraded.

On September 29, 2023, I emailed the Principal Nodal Officer (PNO) seeking confirmation regarding the communication from my RM.

On October 12, 2023, I proceeded to open the account with the bank for the card upgrade from Magnus to Magnus for Burgundy, with assurance from my RM that the upgrade would be processed. The initial cheque was for Rs. 10 Lac. The same or more balance has been maintained since that day in the Burgundy account.

On October 21, 2023, the PNO confirmed that maintaining the AQB was the criteria for the upgrade and requested my RM details.

On November 16, 2023, when I raised the issue with my RM and received no response, I emailed seeking clarity and confirmation and expressed my intention to file a complaint with the RBI.

On November 19, 2023, I filed a complaint with the RBI due to a lack of assistance and response from Axis and its representatives.

On December 21, 2023, my RM from the official email confirmed that if I continued maintaining the required balance, my card would be upgraded by January 18, 2024.

On January 24, 2024, I was denied the card despite meeting the criteria, with the explanation that I didn't meet the requirements.

Currently, the RBI has not provided a final verdict. The PNO has denied the card. The branch and its employees have not taken responsibility for their misleading communication and commitment. The premium experience service has not been helpful. The National Consumer Helpline suggests resorting to the consumer court. The Escalation Desk in Noida states that I can apply for the upgrade but only with a paid version.


My account was opened on October 19, 2023.

I would greatly appreciate any practical advice or insights you may offer. I am considering filing a case to claim damages for the distress caused to my peace of mind, resulting in mental anguish and wasted time.

 

[HumorSimpson]

Machines control us 😭😭😭

Banks way of saying "dog ate homework" .

 

[Leocaprio]

Machines control us 😭😭😭

We can't because its in T & C you have to maintain 10L AQB

 

[Namans]

I'll dive straight into the core details of my situation:

On September 16, 2023, I reached out to the premium experience service to clarify whether I should wait to open a burgundy account (AQB) or proceed with opening one to seek an upgrade. The response from the premium experience was to wait for notification before opening the account.

On September 28, 2023, my current relationship manager (RM) shared the terms and conditions of the Axis MB and advised me to open the account, assuring that my card would be upgraded.

On September 29, 2023, I emailed the Principal Nodal Officer (PNO) seeking confirmation regarding the communication from my RM.

On October 12, 2023, I proceeded to open the account with the bank for the card upgrade from Magnus to Magnus for Burgundy, with assurance from my RM that the upgrade would be processed.

On October 21, 2023, the PNO confirmed that maintaining the AQB was the criteria for the upgrade and requested my RM details.

On November 16, 2023, when I raised the issue with my RM and received no response, I emailed seeking clarity and confirmation and expressed my intention to file a complaint with the RBI.

On November 19, 2023, I filed a complaint with the RBI due to a lack of assistance and response from Axis and its representatives.

On December 21, 2023, my RM from the official email confirmed that if I continued maintaining the required balance, my card would be upgraded by January 18, 2024.

On January 24, 2024, I was denied the card despite meeting the criteria, with the explanation that I didn't meet the requirements.

Currently, the RBI has not provided a final verdict. The PNO has denied the card. The branch and its employees have not taken responsibility for their misleading communication and commitment. The premium experience service has not been helpful. The National Consumer Helpline suggests resorting to the consumer court. The Escalation Desk in Noida states that I can apply for the upgrade but only with a paid version.


My account was opened on October 19, 2023.

I would greatly appreciate any practical advice or insights you may offer. I am considering filing a case to claim damages for the distress caused to my peace of mind, resulting in mental anguish and wasted time.

I genuinely think it's not worth it.

While you may have all the proof of what was communicated to you and you may be right, but Axis won't give up without a fight. I'm also sure they will find some fine print or criteria that you did not meet because of which you are not eligible.

Even if all of it works in your favor, there is not going to be a quick resolution or compensation so think: is it really worth your time?

 

[wokrishnahai]

Well this is my honest opinion:

1. Regarding above - if you have patience and will - then please pursue and get compensation in addition to lost interest because you parked 10L minimum with Axis.
2. Regarding Magnus for Burgundy (this is coming from someone who has MB and spends on it) - I don't think MB is worth it unless you are spending 3L per month. The reward points are just not enough to justify lost interest and opportunity cost to use 10L. (for example at minimum you lose 40K in interest (compared to FD) or almost 1L + if you compare to MF returns.) I don't think MB will compensate that much even if you use for 2L per month.
3. If you are ok to park 10L then you are better off approaching HDFC and getting infinia (if you don't have it). HDFC support is 1000x better than Axis.

Thanks for your input!

1. I've reached a point where I'm just fed up. It's frustrating when nobody takes responsibility for their mistakes. From relationship managers to higher-ups, they all seem to pass the buck when it comes to addressing false communication. The branch manager's suggestion to close my account feels like they're brushing off the issue, and I refuse to be treated like my concerns don't matter.
2. I'll refrain from commenting on that aspect, as everyone's situation is different. If paying a fee is all it takes to get the card, then so be it. But, they put a condition of holding a Burgundy account and then not keeping their word is a different issue.
3. My experience with HDFC hasn't been any better. Despite being an Imperia customer for nearly five years, they've consistently denied me the Infinia card. I'm not interested in stroking their ego any further by pursuing it.

 

[wokrishnahai]

Hello,
I am a Probationary Officer at Axis.
It is imperative to maintain an Average Quarterly Balance (AQB) of 10 lakh rupees for two consecutive months from the date of account opening. Failure to meet this requirement will result in an automated system error message stating "You are not a true Burgundy". Unfortunately, the Premium support team is unable to override this restriction, as the system prohibits upgrades to the Magnus Burgundy tier without meeting the AQB criteria. It appears that you may not have maintained the required AQB. Alternatively, you may inquire with the Premium support team regarding the Oct-Dec period for further details. Additionally, you may request a One Glance Statement (OGS) for the specified period to obtain further clarification. I trust this information proves beneficial to you.

Hey there! Appreciate you joining the conversation.

I initially opened the account with a cheque of Rs. 10 Lac, and since then, the balance has remained consistently above that amount. Whether it's October, November, December, January, or any time thereafter, the balance has always exceeded 10 Lac.

If you're interested, I can share my case details with you via DM so you can review it yourself. Perhaps having a closer look would help you guide me better in this matter. Let me know if you're open to that.

 

[wokrishnahai]

I don't have experience in consumer courts but since you have all the proofs and can get good compensation for the struggle and metal pain caused, I'd say go ahead.

Do remember one thing that banks can reject even if you meet all the criteria. Even if RM or someone from the email team has promised you. You could get compensation for the miscommunication, false promise etc. They still have the authority to reject the card.
Probably wait for RBI verdict if it's coming soon and then proceed for consumer court?

Hey there! It's baffling for the bank to deny the upgrade without a solid reason. As a loyal customer in good standing, I've given them no cause for refusal. Their claim that I don't meet their criteria doesn't add up. My stance is clear: I've followed the instructions communicated to me by an authorized representative of Axis Bank. If any employee, from relationship managers to higher-ups, is providing false information, the fault lies with Axis Bank, and they should compensate the customer accordingly.

Regarding the verdict from RBI, I've engaged in multiple calls with them, but it seems there are no set timelines for passing the verdict.

 

[wokrishnahai]

I genuinely think it's not worth it.

While you may have all the proof of what was communicated to you and you may be right, but Axis won't give up without a fight. I'm also sure they will find some fine print or criteria that you did not meet because of which you are not eligible.

Even if all of it works in your favor, there is not going to be a quick resolution or compensation so think: is it really worth your time?

Hey there! Appreciate your input.

I've pretty much made my decision about moving forward with this unless my lawyer advises otherwise after studying the case.

What I'm hoping to gain from this forum is practical insights into dealing with banks in this situation and navigating the consumer court process. Any experiences or advice shared would be greatly appreciated.

 

[advaitsontakke]

I'll dive straight into the core details of my situation:

On September 16, 2023, I reached out to the premium experience service to clarify whether I should wait to open a burgundy account (AQB) or proceed with opening one to seek an upgrade. The response from the premium experience was to wait for notification before opening the account.

On September 28, 2023, my current relationship manager (RM) shared the terms and conditions of the Axis MB and advised me to open the account, assuring me that my card would be upgraded.

On September 29, 2023, I emailed the Principal Nodal Officer (PNO) seeking confirmation regarding the communication from my RM.

On October 12, 2023, I proceeded to open the account with the bank for the card upgrade from Magnus to Magnus for Burgundy, with assurance from my RM that the upgrade would be processed. The initial cheque was for Rs. 10 Lac. The same or more balance has been maintained since that day in the Burgundy account.

On October 21, 2023, the PNO confirmed that maintaining the AQB was the criteria for the upgrade and requested my RM details.

On November 16, 2023, when I raised the issue with my RM and received no response, I emailed seeking clarity and confirmation and expressed my intention to file a complaint with the RBI.

On November 19, 2023, I filed a complaint with the RBI due to a lack of assistance and response from Axis and its representatives.

On December 21, 2023, my RM from the official email confirmed that if I continued maintaining the required balance, my card would be upgraded by January 18, 2024.

On January 24, 2024, I was denied the card despite meeting the criteria, with the explanation that I didn't meet the requirements.

Currently, the RBI has not provided a final verdict. The PNO has denied the card. The branch and its employees have not taken responsibility for their misleading communication and commitment. The premium experience service has not been helpful. The National Consumer Helpline suggests resorting to the consumer court. The Escalation Desk in Noida states that I can apply for the upgrade but only with a paid version.


My account was opened on October 19, 2023.

I would greatly appreciate any practical advice or insights you may offer. I am considering filing a case to claim damages for the distress caused to my peace of mind, resulting in mental anguish and wasted time.

Boss, dont go to govt or rbi. You will get beaten by fine print of tnc in their policies. I ran into different issue. Illegal penal interest was imposed and i reached to md desk. And it got resolved their. Even if they dpnt pay compensation, seek one. Check whos current md. Amitabh.Chaudhry@axisbank.com

 

[MilesMax]

Hey there! It's baffling for the bank to deny the upgrade without a solid reason. As a loyal customer in good standing, I've given them no cause for refusal. Their claim that I don't meet their criteria doesn't add up. My stance is clear: I've followed the instructions communicated to me by an authorized representative of Axis Bank. If any employee, from relationship managers to higher-ups, is providing false information, the fault lies with Axis Bank, and they should compensate the customer accordingly.

Regarding the verdict from RBI, I've engaged in multiple calls with them, but it seems there are no set timelines for passing the verdict.

I had a similar issue with ICICI. (8 years of primary salary account)
I was eligible was LTF Sapphairo card based on salary criteria.
The executive on call checked my statement, confirmed that I am eligible and took the request as well.
It was still rejected. Because of some internal criteria which they didn't tell.
I was a loyal customer of ICICI, even now.

I did write a complaint to RBI but it was rejected without any proper explanation.

The worst thing is exactly from that month onwards, my preferential forex rate of additional 1Re per CAD was also cancelled by ICICI. I had that for more than 3 years! I don't know it was a coincidence or anything.

So loyal or not, banks can screw you. Anyway mine was mere Sapphairo card so I just left.

Since you have all the valid proofs you would most probably get compensation. Good decision to go to consumer court.

My MB upgrade journey was the most frustrating experience I had with any bank. I have email chain of 40+ emails. I used to call every 2-3 days. Each time they used to come up with new criteria out of thin air. Axis is terrible with respect to customer service.

Thread 'Court Directs ICICI Bank to Credit Reward Points for his Amazon Purchase and to pay Rs. 77K as Compensation.' https://www.technofino.in/community...hase-and-to-pay-rs-77k-as-compensation.19022/

 

[devine_mortal]

Guys, its not just Axis but majority of the banks have gotten arrogant. The way they use "terms and conditions", completely disregarding basic decency and no body powerful enough to keep a watch over them, has made them this way.

A recent example is devaluation of Amex gold collection. When I asked them that they gave no prior intimation of the devalue, the straight answer was a copy/paste reply from their "tnc" stating that they reserve the right to change value of points at any time without prior intimation. Customers collecting points for months are just slapped in the face when they are not even given a week's time to claim their points. Such is a state of our financial system which has some goods and some bads.

My suggestion, don't waste your time on this unnecessary trip if your legal consult tells you that this can be lengthy. There are better things to do in life than chase this. I'm sure you had no big financial loss so don't make it a battle of ego. Srry for being so blunt but just take your business elsewhere.

 

[wokrishnahai]

Boss, dont go to govt or rbi. You will get beaten by fine print of tnc in their policies. I ran into different issue. Illegal penal interest was imposed and i reached to md desk. And it got resolved their. Even if they dpnt pay compensation, seek one. Check whos current md. Amitabh.Chaudhry@axisbank.com

Hey, Thank you for responding.

I'm having trouble grasping your message. I've already contacted the MD desk, but unfortunately, they weren't able to assist me.

 

[wokrishnahai]

I had a similar issue with ICICI. (8 years of primary salary account)
I was eligible was LTF Sapphairo card based on salary criteria.
The executive on call checked my statement, confirmed that I am eligible and took the request as well.
It was still rejected. Because of some internal criteria which they didn't tell.
I was a loyal customer of ICICI, even now.

I did write a complaint to RBI but it was rejected without any proper explanation.

The worst thing is exactly from that month onwards, my preferential forex rate of additional 1Re per CAD was also cancelled by ICICI. I had that for more than 3 years! I don't know it was a coincidence or anything.

So loyal or not, banks can screw you. Anyway mine was mere Sapphairo card so I just left.

Since you have all the valid proofs you would most probably get compensation. Good decision to go to consumer court.

My MB upgrade journey was the most frustrating experience I had with any bank. I have email chain of 40+ emails. I used to call every 2-3 days. Each time they used to come up with new criteria out of thin air. Axis is terrible with respect to customer service.

Thread 'Court Directs ICICI Bank to Credit Reward Points for his Amazon Purchase and to pay Rs. 77K as Compensation.' https://www.technofino.in/community...hase-and-to-pay-rs-77k-as-compensation.19022/

I had a similar experience with ICICI for the Sapphiro Credit Card. Despite having no prior relationship with ICICI, a branch communicated with me and offered the card with lifetime free benefits. I confirmed with them and even checked my CIBIL score to ensure the card wouldn't be rejected. However, after obtaining my consent and reviewing my CIBIL score, they rejected the card and instead offered me the Rubyx card. I reported the entire incident to the RBI Ombudsman, leading to RBI's intervention and the bank being obliged to issue me the Sapphiro card with lifetime free benefits as initially agreed upon. This incident occurred in 2022.

I'm not referring to loyalty here, but rather to the importance of maintaining a good standing. I've always adhered to the terms and conditions without any shortcomings.

Could you provide more details about your experience with Axis Bank regarding the MB upgrade? Were you able to successfully upgrade in the end? What steps did you take, such as when you opened the account and which channels you used to pursue the upgrade?

Thank you for sharing this thread. Is D Sylvester Arokiaraj a member of this community?

 

[wokrishnahai]

Guys, its not just Axis but majority of the banks have gotten arrogant. The way they use "terms and conditions", completely disregarding basic decency and no body powerful enough to keep a watch over them, has made them this way.

A recent example is devaluation of Amex gold collection. When I asked them that they gave no prior intimation of the devalue, the straight answer was a copy/paste reply from their "tnc" stating that they reserve the right to change value of points at any time without prior intimation. Customers collecting points for months are just slapped in the face when they are not even given a week's time to claim their points. Such is a state of our financial system which has some goods and some bads.

My suggestion, don't waste your time on this unnecessary trip if your legal consult tells you that this can be lengthy. There are better things to do in life than chase this. I'm sure you had no big financial loss so don't make it a battle of ego. Srry for being so blunt but just take your business elsewhere.

It's true that this issue extends across all banks. The oversight and control mechanisms over these banks are not robust enough. Additionally, delays in resolving matters by banks often result in injustice to consumers, yet there are no penalties imposed on banks for these delays.

The situation with Amex is no different. Only when the RBI imposes strict measures on banks and ensures prompt resolutions will banks start addressing their shortcomings.

I'm not trying to inflate my ego here. Dealing with AXIS and its representatives has been a significant waste of time for me. In hindsight, I should have opted to file a case in the consumer court and let the lawyer handle it from there.

According to my lawyer, the process will be lengthy but won't require much of my time.

I need to draft my case and submit the relevant documents to him as annexure. Based on this, he will send a legal notice to Axis Bank and its department via Registered Post with Acknowledgement Due (RPAD), which is a standard procedure before proceeding to file the case with the District Consumer Forum in Bandra, Mumbai.

Following that, he will handle the proceedings in court.

Alternatively, there's an online method available to file a case in the consumer court, which can be accessed through this link: https://edaakhil.nic.in/edaakhil/

 

[devine_mortal]

According to my lawyer, the process will be lengthy but won't require much of my time.

Agar kamar kas li hai toh go for it. Or Should I say, go with your gut feeling which is usually correct.

 

[Namans]

Hey there! Appreciate your input.

I've pretty much made my decision about moving forward with this unless my lawyer advises otherwise after studying the case.

What I'm hoping to gain from this forum is practical insights into dealing with banks in this situation and navigating the consumer court process. Any experiences or advice shared would be greatly appreciated.

If you've made up your mind, don't stop until you get compensation. I'm invested in your success. Do keep us updated here

 

[MilesMax]

Could you provide more details about your experience with Axis Bank regarding the MB upgrade? Were you able to successfully upgrade in the end? What steps did you take, such as when you opened the account and which channels you used to pursue the upgrade?

Opened account on Sept 1st like most people. Kept 10L for a month.
Initially they said only 30L TRV and above is eligible, even MD desk said TRV is required.

After OGS generated they said they need minimum 2 OGS after that you are eligible.

Few people suggested to keep 30L in SB for sometime and see. I did the same. After 2nd OGS they said still not eligible. They said 45 days post the OGS showing 30L is required.
They made up new criteria on the go.

Finally 18 days post 3rd OGS I was able to upgrade on call.

There is huge thread on Axis Magnus crossing 300+ pages on TF. Many people including me used to daily update there. Many had already reached out to RBI ombudsman regarding the same.

Took 3 and half months to finally get it.
Removed 10L after a month, and 10L more a month later. Now keeping 10L only.

Regarding channels used: all possible channels. Email, call, branch, RM, Twitter.


Is D Sylvester Arokiaraj a member of this community - No idea. Just found the thread.

 

[wokrishnahai]

Opened account on Sept 1st like most people. Kept 10L for a month.
Initially they said only 30L TRV and above is eligible, even MD desk said TRV is required.

After OGS generated they said they need minimum 2 OGS after that you are eligible.

Few people suggested to keep 30L in SB for sometime and see. I did the same. After 2nd OGS they said still not eligible. They said 45 days post the OGS showing 30L is required.
They made up new criteria on the go.

Finally 18 days post 3rd OGS I was able to upgrade on call.

There is huge thread on Axis Magnus crossing 300+ pages on TF. Many people including me used to daily update there. Many had already reached out to RBI ombudsman regarding the same.

Took 3 and half months to finally get it.
Removed 10L after a month, and 10L more a month later. Now keeping 10L only.

Regarding channels used: all possible channels. Email, call, branch, RM, Twitter.


Is D Sylvester Arokiaraj a member of this community - No idea. Just found the thread.

Thank you for sharing.

My experience mirrored yours exactly. The criteria kept shifting unpredictably, causing widespread confusion.

Could you please provide the link to the Axis Magnus thread you mentioned?

 

[Abhay Chauhan]

I genuinely think it's not worth it.

While you may have all the proof of what was communicated to you and you may be right, but Axis won't give up without a fight. I'm also sure they will find some fine print or criteria that you did not meet because of which you are not eligible.

Even if all of it works in your favor, there is not going to be a quick resolution or compensation so think: is it really worth your time?

Bro if everyone thinks the same and act according to you then there is never going to be change in the system someone has to fight for his rights.

I have heard many news one even fighting for 90Rs and case run for 7 years with Railway but atlast he wins so less or big money isn't the matter, the matter is they are been cheated and wrong happened to them.

Bro i am with you and hope Axis learns a lesson this is the only way to teach them a lesson. And the loss is from both side they are even paying more than you to their lawyers. So, lets teach them lessons and bring a change.

 

[MilesMax]

Thank you for sharing.

My experience mirrored yours exactly. The criteria kept shifting unpredictably, causing widespread confusion.

Could you please provide the link to the Axis Magnus thread you mentioned?

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

-- Edited Post -- Final Update Official PDFs are now out Magnus - https://www.axisbank.com/docs/default-source/default-document-library/credit-cards/mgtc.pdf Reserve - https://www.axisbank.com/docs/default-source/default-document-library/credit-cards/rstc.pdf Revision of Axis Bank...

www.technofino.in

See posts from October & November.

 

[shashankrt]

Thanks for your input!

1. I've reached a point where I'm just fed up. It's frustrating when nobody takes responsibility for their mistakes. From relationship managers to higher-ups, they all seem to pass the buck when it comes to addressing false communication. The branch manager's suggestion to close my account feels like they're brushing off the issue, and I refuse to be treated like my concerns don't matter.
2. I'll refrain from commenting on that aspect, as everyone's situation is different. If paying a fee is all it takes to get the card, then so be it. But, they put a condition of holding a Burgundy account and then not keeping their word is a different issue.
3. My experience with HDFC hasn't been any better. Despite being an Imperia customer for nearly five years, they've consistently denied me the Infinia card. I'm not interested in stroking their ego any further by pursuing it.

1. Well in that case do proceed with consumer court. Also I think we need to collectively write to RBI regarding Axis and its unethical and illegal practices.
2. Its not about fee payment. I would say 30K fees for this card is way cheaper than maintaining so called true burgundy status. In fact if I am unable to convert my account in to salary account then may be will discontinue the card as I am OK with Infinia and Amex Plat.
3. Close the account. Approach some other branch and negotiate infinia with 10L deposit. Thats the only way to get infinia offline