Axis Magnus Rumor with burgundy axis magnus could be LTF (by Sep 2023 it should be official by axis i think you never know though)

[shibili]

Just received confirmation from bank officials that they will provide Magnus LTF for Burgundy customers from Sep 1st onwards

 

[Ankur dhanda]

 

[gg123]

How many accounts can be linked Under Burgundy family banking?

Upto 4 including the primary account

 

[gg123]

View attachment 28702

"On this Credit card Variant"
Do you think the "Variant" is referred old Magnus ?and there will be a new variant coming

 

[H2O]

View attachment 28702

We regret
We regret
and continue.


This level of incompetence has taken the Magnus and Burgandy drama to an unmanageable extent, and all they can say now is, "We regret."

 

[drabhishekladdha]

Hey I have a doubt . If I take burgabdy account I can add 4 members does it means each of them need to give 5 lac cheque ? Today I visited the branch and the lady mentioned that if I add member they also need to give 5 lac cheque .

No open One burgundy account and other normal axis account , after that fill a form and add all memebers to your account , they will be upgraded to burgandy

 

[drabhishekladdha]

Hey I have a doubt . If I take burgabdy account I can add 4 members does it means each of them need to give 5 lac cheque ? Today I visited the branch and the lady mentioned that if I add member they also need to give 5 lac cheque .

No open One burgundy account and other normal axis account , after that fill a form and add all memebers to your account , they will be upgraded to burgundy

 

[Thomas244]

this is purely my personal opinion salary based burgundy annual fee 0 has been going on since some time and these are being unnecessarily put in these posts to add confusion. The 10 lakh AQB they will put on hold and 30 lakh trv will be give new magnus burgundy 5:4 ratio. If they don’t get enough people they will add 10 lakh ppl later. The option to make this Magnus burgundy (from 30 trv)charged or free they have been thinking over it for past 1 week and can’t come to a consensus.

 

[luxveritate]

No, they are trying to make it easier for themselves by opening all 4 burgundy accounts
Just open 3 normal easy access accounts and one burgundy account with 5L cheque. add all of them under a family ID and make the burgundy account as primary holder.

Now maintain 10L collectively in all 4 accounts. and ask the remaining 3 accounts to upgrade to burgundy. They will have to do it. If they deny, talk with BM. If he/she says it's not possible. Ask them to give it writing. or else tell them I'll raise to PNO

This is superb advice. I found the relationship manager is ignorant about many things and too much pushy for account and not credible with full information . I am
Thinking of hold the account opening . But I given the cheque today.

 

[chasni]

No open One burgundy account and other normal axis account , after that fill a form and add all memebers to your account , they will be upgraded to burgundy

Adding to family banking doesn't upgrade family members to Burgundy. You need to visit branch and sign the upgrade request form.

 

[luxveritate]

Than

• Get your Burgundy account up and running.
• Once it is showing as Burgundy, then create a family id from the app
• Add the normal users (non-Burgundy) to family id and they will need to login to their account and accept it
• Visit branch and submit a request for Burgundy for the normal users

This is the step I followed as my family already had a normal Axis account. Normal users don't need to maintain balance as long as the primary holder of the family id is doing it.

Thank you so much.

 

[luxveritate]

Than

Thank you so much.

My sister is in UK and can I add them by opening an account in thier names as NRO account ? The branch person given contradictory remarks . First when I visited she said yes and today she said no . So it’s confusing

 

[Ankur dhanda]

We regret
We regret
and continue.


This level of incompetence has taken the Magnus and Burgandy drama to an unmanageable extent, and all they can say now is, "We regret."

probably we’ll regret keeping them both

 

[Ankur dhanda]

Just no clarity yet as of now still

"On this Credit card Variant"
Do you think the "Variant" is referred old Magnus ?and there will be a new variant coming

 

[drabhishekladdha]

Adding to family banking doesn't upgrade family members to Burgundy. You need to visit branch and sign the upgrade request form.

True , that's why I Said fill form and submit

 

[drabhishekladdha]

Just no clarity yet as of now still

Just spoke to Axis branch manager , he told me new varient will be called as Burgundy magnus .
No more deatils he has ( so everything else is a speculation as even high level branch managers have no idea or are told not to disclose any thing )

 

[ravisingh]

5L is just for opening. U will get downgraded and also not get benefits if not maintaining full balance.

10L savings, 30L FD, 1Cr Demat (probably MF also come under demat), 3L salary. Any one of these is required.

With auto-sweep feature, the 10L in savings account should still generate a ~7% interest right? Or am I missing something?

 

[Salvo08]

As of now have not seen anything which suggests that Magnus with Burgundy will be LTF (*as long as Burgundy status is maintained).
I checked with my branch, they have not received any clarification from their internal team as of yet. I got Burgundy but have not yet received any email which is floating around on X.

Would like to understand experience from fellow community members. Though I understand, that anything out in public can change anytime and can not be trusted until we have official communication.

Please check your Spam. I found the mail in Spam folder but haven’t yet received the consent mail. In my understanding they aren’t offering Magnus free to Burgundy customers but will ask 12.5K renewal fees.

 

[Salvo08]

With auto-sweep feature, the 10L in savings account should still generate a ~7% interest right? Or am I missing something?

Technically should but don’t think Axis allows that. They want 10L parked in the account.

 

[Salvo08]

How does one get LTF Select after becoming Burgundy?

Apply for Select and if they charge the joining fee, call Burgundy customer helpline and they’ll reverse that.

 

[anish1516]

All the folks who are planning to open Burgundy Account with Axis either for Magnus or in general, please beware. I have accounts with 8-9 banks and Axis is one my least preferred ones. The employees lie blatantly and when you confront they will laugh shamelessly and try to hide behind the target pressure wall. Very pesky RM etc, they will use tricks like calling from different numbers if you don't pick up their calls. I would never ever recommend anyone going for Axis if it's something not dire necessity.