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Is it wise to open a Burgundy Savings Account considering I am earning much higher interest on my money elsewhere?

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kunaljn91

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Hi Team,

I have recently got to know about Burgundy Savings Account and the kind of benefits associated with the same!
Just wanted to know will it make sense to park my money in axis bank?

PS: they want me to maintain 5L AQB
I have calculated the difference in interest it will be 8500Rs/ year!

Can someone please enlighten me, regarding the benefits (fine prints/details) that will outweigh the interest!

TIA
 
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It is just Axis Select Credt Card that is LTF, I already hold 3 credit card of Axis Card, so that is more than sufficient!

Any other fine prints with respect to burgundy that is not mentioned on there web page?
 
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ChurningNoob said:
My dad hold burgandy account and RM is asking to open for me as well. So will I need to maintain the minimum balance too and is there any benefit with it?
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If u don't maintain also.. There are no mab charges... And they wont downgrade that easily... If ur dad has it.. I guess burgundy has family banking where only primary holder has to maintain balance.. Rest of the family can hold zero balance accounts with burgundy benefits
 
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Batmanbaba said:
If u don't maintain also.. There are no mab charges... And they wont downgrade that easily... If ur dad has it.. I guess burgundy has family banking where only primary holder has to maintain balance.. Rest of the family can hold zero balance accounts with burgundy benefits
Click to expand...
Got it. Will talk to the RM and any idea whether its possible to get Magnus or any other card LTF?
 
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ChurningNoob said:
My dad hold burgandy account and RM is asking to open for me as well. So will I need to maintain the minimum balance too and is there any benefit with it?
Click to expand...
In Burgundy family banking, all the account holders have to collectively manage the AQB, so if your dad is managing it! Then you dont even have to keep a penny in that particular account! Also, it opens door to multiple CCs if you already dont have axis cc’s in your portfolio!
 
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kunaljn91 said:
In Burgundy family banking, all the account holders have to collectively manage the AQB, so if your dad is managing it! Then you dont even have to keep a penny in that particular account! Also, it opens door to multiple CCs if you already dont have axis cc’s in your portfolio!
Click to expand...
Actually I dont have any CC from axis maybe I try my luck with Magnus or next best thing.

Matter of fact I have ₹-750 in my axis savings account LOL
 
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kunaljn91 said:
Hi Team,

I have recently got to know about Burgundy Savings Account and the kind of benefits associated with the same!
Just wanted to know will it make sense to park my money in axis bank?

PS: they want me to maintain 5L AQB
I have calculated the difference in interest it will be 8500Rs/ year!

Can someone please enlighten me, regarding the benefits (fine prints/details) that will outweigh the interest!

TIA
Click to expand...
I'll upload a video on this particular topic next week 🙂
 
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ChurningNoob said:
My RM is no way ready to give Magnus for free she is like no means no LOL but she is offering Signature or select only for LTF
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Magnus is not free even for Burgundy. .I tried a lot , but not succeeded .. Please see below post

www.technofino.in

Anyone got Magnus First year Free ?

Hello All, May I know if anyone got First year fee waiver (unconditional) for Magnus credit card , based on your relationships with Axis like Burgundy or any other ? I spoke to some burgundy RMs and head of Burgundy south channel .. Here is what I understood -> There is no FYF...
www.technofino.in www.technofino.in
 
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dhshankar said:
Magnus is not free even for Burgundy. .I tried a lot , but not succeeded .. Please see below post

www.technofino.in

Anyone got Magnus First year Free ?

Hello All, May I know if anyone got First year fee waiver (unconditional) for Magnus credit card , based on your relationships with Axis like Burgundy or any other ? I spoke to some burgundy RMs and head of Burgundy south channel .. Here is what I understood -> There is no FYF...
www.technofino.in www.technofino.in
Click to expand...
Yeah, never heard LTF Magnus.
They give lower cards like Axis Ace LTF for Burgundy customers.

Maybe for Burgundy private customers (5Cr TRV) , they will make it LTF😅.
 
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ChurningNoob said:
Which card did you take? They are providing me with Select or Signature maybe will try Atlas
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I have privilege already (not LTF, but have already met waiver condition for this year, so no fee for another 16-17 months). And this is better than Select/Signature in terms of reward rate due to double reward rate against Myntra vouchers.

The lounge/golf/big basket/ bms BOGO benefits are not real benefits, have plenty of other cards for them.

Have requested them for Axis Ace LTF for flat 2% cb.
 
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