MAGNUS BURGUNDY - FD Criteria

[drabhishek90]

Hi everyone. I am planning to get a M4B since I have around 5 lacs of expenses for home appliances due in next 2 months for which I thought that the accelerated rewards point would be amazing. I have opened an account with Axis Today with 10 lacs balance. However it takes 3 months + 15 days of cool off period for Savings account method. I am thinking of getting an FD for 30 lacs so that the MAB is achieved within a month and if we include the cool off period, then I will be eligible for the card in the next 45 days.

Wanted to know that
1: If I open the FD of 30 lacs after opening the Burgundy account, can I withdraw money completely from the Savings account.
2: What's the minimum duration of the FD needed for M4B?
3: Is this strategy worthwhile according to your guys?

Note : For people who will be guessing If I will be using this card in future. Yes I do have some annual expenses which will be worthwhile getting Magnus since I don't have Infinite.

 

[drsel]

1. Yes
2. Forever. if you withdraw, Magnus burgundy will be downgraded to Magnus, but in the subsequent quarter. They check at the end of each quarter.
3. Yes

 

[RDR]

I think the Burgundy status is revoked in the next Q if you don’t maintain the required TRV

 

[drabhishek90]

1. Yes
2. Forever. if you withdraw, Magnus burgundy will be downgraded to Magnus
3. Yes

Thank you. I was expecting your early reply. For the second question, I am planning to close FD after 2-3 months and keep 10 lacs in savings only.

 

[sumit_yadav]

Thank you. I was expecting your early reply. For the second question, I am planning to close FD after 2-3 months and keep 10 lacs in savings only.

I also started with 30L FD when M4B was offered conditional LTF last year. Then I broke the FD and kept it liquid for a month which gave me an average balance of 10L and withdrew 20 from the account. Since then 10 is in the account.

 

[Dragon_slayer]

The most important thing you should note is Credit limit. If they give you low limit like 1.5L then the card will be almost useless for you.

 

[drabhishek90]

I also started with 30L FD when M4B was offered conditional LTF last year. Then I broke the FD and kept it liquid for a month which gave me an average balance of 10L and withdrew 20 from the account. Since then 10 is in the account.

So when you kept the FD of 30lacs l, did you had 0 balance in savings account or 10 lacs

 

[drabhishek90]

The most important thing you should note is Credit limit. If they give you low limit like 1.5L then the card will be almost useless for you.

Giving 1.5 lacs limit on such a premium card is absolute foolishness.

 

[Riva]

Apply c2c with your highest limit from another card and they will match that.

 

[sumit_yadav]

So when you kept the FD of 30lacs l, did you had 0 balance in savings account or 10 lacs

When you have 30L in FDs, you are maintaining the TRV (Total Relationship Value) which is one of the criteria of being True Burgundy.

 

[sumit_yadav]

Apply c2c with your highest limit from another card and they will match that.

I did the same, applied C2C and they matched the Limit but it was for Magnus (April Last year). I got M4B in Sep/ Oct last year.

 

[Dragon_slayer]

Giving 1.5 lacs limit on such a premium card is absolute foolishness.

But thats how the limit starts for new Axis customers. Make sure to confirm these things first before paying fees

Mine went from 1.3 -> 1.9 -> 6.7L

 

[drabhishek90]

But thats how the limit starts for new Axis customers. Make sure to confirm these things first before paying fees

Mine went from 1.3 -> 1.9 -> 6.7L

thanks. will make sure of that.

 

[drabhishek90]

I did the same, applied C2C and they matched the Limit but it was for Magnus (April Last year). I got M4B in Sep/ Oct last year.

So first I have to meet the burgundy criteria. Then I have to apply by C2C method. Will this work??

 

[sumit_yadav]

So first I have to meet the burgundy criteria. Then I have to apply by C2C method. Will this work??

I suggest visiting the branch and clearly mention the intent of the Burgundy account (for M4B) and if that does not happen, you will close the account.

 

[Riva]

So first I have to meet the burgundy criteria. Then I have to apply by C2C method. Will this work??

Yes, also check with them that if you meet the FD 30L criteria, they give you true burgundy from next month itself. If you go by the 10L monthly balance route, then you will need 3 month statement before they consider you as True Burgundy.

 

[drabhishek90]

Yes, also check with them that if you meet the FD 30L criteria, they give you true burgundy from next month itself. If you go by the 10L monthly balance route, then you will need 3 month statement before they consider you as True Burgundy.

That’s my plan. I have opened the savings account with 10 lacs. Will open the FD of 30 lacs in a couple of days and withdraw all money from savings account. Then I’ll apply for card based on C2C basis after 45 days

 

[drabhishek90]

I suggest visiting the branch and clearly mention the intent of the Burgundy account (for M4B) and if that does not happen, you will close the account.

I have explicitly mentioned this from BM to the account opening staff. But they seemed clueless about the procedures. Everything I had to tell them what to do next.

 

[Anupama_Jha]

Congratulations dr Shahab. Btw, I am very keen to know about ur success😀

I mean, How easy people talk about maintaining 10L in savings account or making 30L FD.

The janta wants to know, aakhir how can one achieve such status in his 30s

 

[Pissant]

Is Magnus Burgundy still being given LTF for Burgundy customers?