No Axis Account/Relationship - Magnus - Burgundy

[baran12]

Hey Guys,

I wanted to check in on a few details. In the recent changes being discussed for Magnus for Burgundy LTF offer one needs to have a Burgundy account. I can see that in the Burgundy account opening details below, the first point says maintenance of AQB of 10Lakhs in Savings.

So just to get the Magnus for Burgundy, I can directly open an account with Axis for Burgundy for a 10L Balance and get the Magnus LTF 5:4 card? Is it this easy? If yes, can we also enable Auto Sweep there so that one would earn FD-type interests + keep the Magnus LTF?

Is it this easy or are there any catches here that I'm not seeing? I'm a self-employed, working or US firm on monthly remuneration, can I still get burgundy just based on a monthly inward remittance of 2.7L?

Maintenance of an Average Quarterly Balance of ₹10 lakhs in the Savings Account, OR
 Maintenance of an Average Quarterly Balance of ₹10 lakhs across Savings Accounts and Current Accounts, OR
 Maintenance of a minimum Total Relationship Value^(TRV) of ₹30 lakhs, OR
 Maintenance of a minimum Total Relationship Value^(TRV) of ₹1 crore which includes Demat holdings, OR
 In case of a salaried customer, one should be receiving a net salary credit in excess of ₹3 lakhs every month in Axis Bank Salary Account, OR
 Foreign Inward Remittance of at least ₹40 lakhs received through Wire transfer or Remit Money in last 12 months (Only for NRI’s)

 

[jags123]

have the same questions, following

 

[Quantum]

@baran12 @jags123
You can directly open an Axis Burgundy account with Axis for a 10L Balance with initial deposit of 5L or more and get the Magnus LTF 5:4 card.
Get in touch with an Axis RM/BM and they should get it done for you.
AFAIK, this Axis Burgundy account needs to be opened in non-online mode i.e. physical form submission.
If they open the Axis Burgundy account online, then they can't offer the "Magnus for Burgundy" LTF just after account opening. In that case, the AQB/TRV maintenance for 1 month or 45 days condition would kick in.

 

[baran12]

Thanks @_aks

If I furnish that account with initial 5L, when would I need to complete the balance 5L to reach total 10L balance. And just after 5L initial deposit, they'll give the burgundy account with Magnus?

 

[CCUser_1999]

Hey Guys,

I wanted to check in on a few details. In the recent changes being discussed for Magnus for Burgundy LTF offer one needs to have a Burgundy account. I can see that in the Burgundy account opening details below, the first point says maintenance of AQB of 10Lakhs in Savings.

So just to get the Magnus for Burgundy, I can directly open an account with Axis for Burgundy for a 10L Balance and get the Magnus LTF 5:4 card? Is it this easy? If yes, can we also enable Auto Sweep there so that one would earn FD-type interests + keep the Magnus LTF?

Is it this easy or are there any catches here that I'm not seeing? I'm a self-employed, working or US firm on monthly remuneration, can I still get burgundy just based on a monthly inward remittance of 2.7L?

Maintenance of an Average Quarterly Balance of ₹10 lakhs in the Savings Account, OR
 Maintenance of an Average Quarterly Balance of ₹10 lakhs across Savings Accounts and Current Accounts, OR
 Maintenance of a minimum Total Relationship Value^(TRV) of ₹30 lakhs, OR
 Maintenance of a minimum Total Relationship Value^(TRV) of ₹1 crore which includes Demat holdings, OR
 In case of a salaried customer, one should be receiving a net salary credit in excess of ₹3 lakhs every month in Axis Bank Salary Account, OR
 Foreign Inward Remittance of at least ₹40 lakhs received through Wire transfer or Remit Money in last 12 months (Only for NRI’s)

Auto sweep will not work in this case. If that happens, you will have to keep TRV of 30L.

 

[jonamdhar]

New accounts can't apply for Burgundy Magnus card just by maintaining 10lakhs average balance.

The FAQ published, mentions you need to maintain a average balance of 10lakhs for the last 3months to be eligible for Burgundy Magnus. But since the deadline for LTF Magnus is 30Nov, it is not possible for new customers.

New customers should either maintain TRV of 30lakhs or 3lakh net salary credit to be eligible for the Magnus Burgundy.

 

[eve]

Anyone got Magnus LTF with new burgundy online a/c ? Anyways to get it before 30 Nov, by maintaining AQB of 10L ?

 

[CreditcardUser_001]

Hey Guys,

I wanted to check in on a few details. In the recent changes being discussed for Magnus for Burgundy LTF offer one needs to have a Burgundy account. I can see that in the Burgundy account opening details below, the first point says maintenance of AQB of 10Lakhs in Savings.

So just to get the Magnus for Burgundy, I can directly open an account with Axis for Burgundy for a 10L Balance and get the Magnus LTF 5:4 card? Is it this easy? If yes, can we also enable Auto Sweep there so that one would earn FD-type interests + keep the Magnus LTF?

Is it this easy or are there any catches here that I'm not seeing? I'm a self-employed, working or US firm on monthly remuneration, can I still get burgundy just based on a monthly inward remittance of 2.7L?

Maintenance of an Average Quarterly Balance of ₹10 lakhs in the Savings Account, OR
 Maintenance of an Average Quarterly Balance of ₹10 lakhs across Savings Accounts and Current Accounts, OR
 Maintenance of a minimum Total Relationship Value^(TRV) of ₹30 lakhs, OR
 Maintenance of a minimum Total Relationship Value^(TRV) of ₹1 crore which includes Demat holdings, OR
 In case of a salaried customer, one should be receiving a net salary credit in excess of ₹3 lakhs every month in Axis Bank Salary Account, OR
 Foreign Inward Remittance of at least ₹40 lakhs received through Wire transfer or Remit Money in last 12 months (Only for NRI’s)

LTF Burgundy Magnus is only for old customers having Magnus card before Sep. Also if you auto sweep from saving to FD you have to maintain total 30L.

 

[CreditcardUser_001]

Anyone got Magnus LTF with new burgundy online a/c ? Anyways to get it before 30 Nov, by maintaining AQB of 10L ?

It will not work in this way you cant get Burgundy magnus with new account opening. You will get only Select card.

 

[imdjay]

It will not work in this way you cant get Burgundy magnus with new account opening. You will get only Select card.

Burgundy Magnus is only for old customers having Magnus card before Sep. Also if you auto sweep from saving to FD you have to maintain total 30L.

Do not spread false info. Please go through the forum discussions. The OP might have received his card till now.

 

[CreditcardUser_001]

Do not spread false info. Please go through the forum discussions. The OP might have received his card till now.

Yes my fault I did not check the post date, my point was as of today you will not get Burgundy Magnus as last date was 30th Nov. Also for new account AQB of 10 L to be maintained in SB for 3 months. So if had to get he can only get 45 days before 30th Nov. As for 30 L TRV too you need to complete 45 days.

 

[shashankrt]

Yes my fault I did not check the post date, my point was as of today you will not get Burgundy Magnus as last date was 30th Nov. Also for new account AQB of 10 L to be maintained in SB for 3 months. So if had to get he can only get 45 days before 30th Nov. As for 30 L TRV too you need to complete 45 days.

Thats not correct. The date has been extended to 31st dec and most probably will get extended even further. Also it depends on ability of RM even of offer os not extended. Best is open offline account and all this nonsense will not apply. Just walkin with 10lakh cheque in axis branch and see the effect.