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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)
- Thread starter shibili
- Start date
drsel
TF Prestige
Yes I was advised that this is the only way you can get the TRV 30 lacs quickly to qualify.
But 30 lacs TRV should show in the monthly statement.
So you if you make your fixed deposit right now, will have to wait till early November to have 30 lacs TRV showing as of 31 October.
But the deadline for free Magnus burgundy card is 30th November, so there is still plenty of time
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No, under which calculation? Simply keep 10L for a month (30/31 days) and the next month’s First Glance Statement will show 10L as balance. Probably that’s what FAQs talk about 45 days.
You need to keep 10L for 30-45 days to reflect in one glance statement.
drsel
TF Prestige
10 lacs AQB is the minimum qualification to have a Burgundy savings account.
but in order to get the lifetime free Magnus Burgundy card you need to permanently maintain TRV 30 lacs as long as the card is active
if your TRV goes below 30 lakhs (and they check every 6 months) then they will downgrade your Magnus burgundy card to a plain Magnus card and also charge you 14750 for it.
So if you need to use the 30 lacs you need to first close the Magnus burgundy card and then remove your 30 lacs.
10 lakh aqb will also give u zero fees magnus burgundy.. u need either trv or aqb or salary criteria.. this has now been confirmed by multiple people with Axis on email.. issue here is if u have opened account recently the system will reflect it only after sometime i think
This is actually not true by Axis’s very own definition of Liability Relationship (LR) for 30L TRV.
30L TRV for LR is a combination of Savings, Current, Term Deposits etc.
That Axis is trying to lock us, given our current desperations, is well established by now, further enhancing their reputation.
As soon as it is about 30L TRV (LR) it ceases to be about 10L AQB/Average Balance Maintained, as is the wording in the One Glance.
30L TRV (LR) they expect us to maintain for 45 days atleast and then contact them, ie if the mail automatically doesn’t arrive after 45 days. (Of course the latest One Glance should show 30L balance. Average balance doesn’t come into the scheme of things for 30L TRV (LR).)
I’m convinced after seeing some10L AQBs, (True Burgundy’s who’ve maintained 10L over a quarter or 90 days - definition confirmed by couple of Burgundy agents) that
1. 10L AQB is good enough to get triggered to get M4B.
2. True Burgundys will get it.
I’ve had over 10L for the last 60 days in savings. M4B isn’t triggered for me.
Edit: I’ve contacted CC multiple times.
If I maintain 10L even in October (thereby fulfilling the 90 days AQB criterion) then my Oct One Glance (in Nov) should qualify me as a True Burgundy.
Despite all this, if I qualify even after maintaining 10L only for 60+ days, as reflected by my August One Glance + soon to arrive September One Glance, I’ll be happy to report back
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30 lac in savings account is also equivalent to 30 lac TRV. You need to check the definition of TRV before you write incorrect information for others to read.
This is actually not true by Axis’s very own definition of Liability Relationship (LR) for 30L TRV.
30L TRV for LR is a combination of Savings, Current, Term Deposits etc.
That Axis is trying to lock us, given our current desperations, is well established by now, further enhancing their reputation.
As soon as it is about 30L TRV (LR) it ceases to be about 10L AQB/Average Balance Maintained, as is the wording in the One Glance.
30L TRV (LR) they expect us to maintain for 45 days atleast and then contact them, ie if the mail automatically doesn’t arrive after 45 days. (Of course the latest One Glance should show 30L balance. Average balance doesn’t come into the scheme of things for 30L TRV (LR).)
I’m convinced after seeing some10L AQBs, (True Burgundy’s who’ve maintained 10L over a quarter or 90 days - definition confirmed by couple of Burgundy agents) that
1. 10L AQB is good enough to get triggered to get M4B.
2. True Burgundys will get it.
I’ve had over 10L for the last 60 days in savings. M4B isn’t triggered for me.
If I maintain 10L even in October (90 days) then my Oct statement (in Nov) should qualify me as a True Burgundy.
Despite all this, if I qualify even after maintaining 10L only for 60+ days as reflected by my August One Glance and soon to arrive September One Glance, I’ll be happy to report back
Have you checked with CC? Some people didn't get the email but were upgraded after making a call.
Just wanted to edit my post to reflect this Q !
I have checked thrice with CC.
No luck as yet.
Should give it a shot after One Glance is generated.
Btw: I’ve been Burgundy for over a decade but inconsistent with maintaining Burgundy relationship criteria.
Lets wait for OGS to be generated by 4th. Then you try and give them a call. We will have better visibility on the criteria once the OGS is generated.
Axis executives will obviously guide you to put 30L in your savings account. It’s a win win situation for the executive guiding you and the bank. Personally one shouldn’t be taking this 30L route to get a credit card rest you guys are a better judge for your personal finances. I feel this 30 Nov deadline too a marketing strategy. I don’t think Magnus Burgundy would be paid card, at best It can be a joining fee kind of a card.
I’m attaching screenshot of page 1 of the so called ‘One Glance Statement’. Page one has the summary and balance pages have details of your bank transactions, assets and liabilities. I’ve blanked out my personal details.
Attachments
Also, on the second page with details of Bank account, it shows the average balance for the month. I have checked it manually and it is actually the average of month not quarter or 45 days.
One question for you though, has your investment + savings balance always been less than 30 lac or you recently made changes where it reduced below 30? I am asking this because if it was more than 30 lac for sometime and then last month (July/Aug) you made the change, then Axis may be using the TRV status of past months, i.e., may be Aug or July and this helped you qualify. Just a thought.
That’s wrong info. And posts like these also pass on wrong info to others. Please go through this post and posts after this:-
Post in thread 'Burgundy Magnus 5:4 ratio'
https://www.technofino.in/community/threads/burgundy-magnus-5-4-ratio.17539/post-377908.
Axis is just attracting money. People are breaking their FDs with other banks and shifting them to axis. Just wait for a week and things will be clear after that. And for you info, OGS statement has no mention of AQB anywhere.
A Burgundy account holder is to be charged for Burgundy Debit Card if one doesn’t maintain AQB. I am yet to meet a guy who has been charged for that.
Yes always below 30. Never Crossed beyond 18. Infact six months bank I closed all my FDs with Axis and moved to HDFC as ROI was low and poor banking experience. But since it was a family Burgundy account, the MAB has never gone below 10.
With this TRV logic, bank should have charged me joining fee for Magnus.
Bank is pulling a fast one on customers to attract money. As some of showing our desperation to get Magnus so bank executives are saying anything out of their lack of info.
I’ve read in couple of threads on this very forum that HDFC offers secured Infinia on FD of 11L. And I would personally prefer Infinia any day over Magnus. Better bank with better offers on cards. Why should one block 30L for Magnus?
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Thanks for sharing it. I totally agree with your point.
drsel
TF Prestige
Sorry I meant 10 lacs in savings account.
I edited the post and correct the typo error
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Tirajat
TF Select
On the top right of travel edge page. It used to show two categories, but three now.
