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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)

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souvikdey2002 said:
Hello Mate

I'm also in the same situation but the reality of Burgundy is as below.
Doesn't matter what the bank official says, ultimately they will not be able to upgrade you to Burgundy if the following conditions are not met & I'm telling you as per the product description:-

1. For a Burgundy account what you need to do is to maintain 10 L in savings/current for 3 month(For existing account) in continuous so that your AQB is 10 Lakh then you will be successfully upgraded to Burgundy.
2. Once you are upgraded then you can put a 30 L FD under same Customer ID/Family ID & take out all the money from savings & make it a 0 balance but your burgundy status will remain active.
3. On the other hand even if you have 1 CR FD and a normal savings account which doesn't have 10 L balance you can't be upgraded to Burgundy unless you have some extremely high level connections. Doesn't matter whatever your RM says, they will not be able to do.
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I hold a Burgundy account and submitted a form today to upgrade my wife's account from Priority to Burgundy. I know the BM well and he confirmed on call that my wife's account will be upgraded since she is assigned to my family ID. Will update once done.
 
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Tirajat said:
I hold a Burgundy account and submitted a form today to upgrade my wife's account from Priority to Burgundy. I know the BM well and he confirmed on call that my wife's account will be upgraded since she is assigned to my family ID. Will update once done.
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Do we required initial funding of 5 lakh?
 
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Harry1 said:
Wow, i already have Burgundey account as well as magnus.

Will they make it LTF? My renewal is coming on 15th September. This will be superb.

I only have savings account with them, not salary account.
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How much MAB required for burgundy? its 5l or something more is to be done in order to maintain burgundy status?
 
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Axis seems to make things so complicated. I have a question -appreciate if anyone can answer. I m magnus card holder & want to continue using the benefits by getting a Burgundy - based on salary. I have following qns. If I get Burgundy based on salary -
1. Do I still need to deposit a 5L cheque?
2. Do I need to maintain required balance monthly/quarterly?
3. Whom can I introduce under family program? If they hold a magnus - do they get the benefits as well ie LTF & better transfer ratio?
 
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bravothemaverick said:
Axis seems to make things so complicated. I have a question -appreciate if anyone can answer. I m magnus card holder & want to continue using the benefits by getting a Burgundy - based on salary. I have following qns. If I get Burgundy based on salary -
1. Do I still need to deposit a 5L cheque?
2. Do I need to maintain required balance monthly/quarterly?
3. Whom can I introduce under family program? If they hold a magnus - do they get the benefits as well ie LTF & better transfer ratio?
Click to expand...
For me, when I opened burgundy savings account few months back, they didn’t ask for the 5L cheque. Just asked CTC and opened the account. It may vary branch to branch now that they have demand from Magnus folks for Burgundy.
If salary getting credited is above 3L per month, no other balance required to be maintained. As long as 3L salary gets credited, you can maintain 0 balance as well.
I personally haven’t explored family banking, but what I heard from my RM is that any offer in the past for gettting Magnus FYF or LTF applies only to the new card issuance and not to the cards already issued.
 
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svs_23 said:
For me, when I opened burgundy savings account few months back, they didn’t ask for the 5L cheque. Just asked CTC and opened the account. It may vary branch to branch now that they have demand from Magnus folks for Burgundy.
If salary getting credited is above 3L per month, no other balance required to be maintained. As long as 3L salary gets credited, you can maintain 0 balance as well.
I personally haven’t explored family banking, but what I heard from my RM is that any offer in the past for gettting Magnus FYF or LTF applies only to the new card issuance and not to the cards already issued.
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Does the company need to be in Axis so called list of corporates they have or any company paying a salary >3L/month would suffice?
 
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MilesMax said:
Please post the source where they explicitly say magnus fee is waived.

Also fees will be waived doesn't mean it's LTF. It could could mean FYF also.
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Yes I understand it could be FYF also. Either FYF or LTF. But at least there is some sort of fee waiver unlike the DM which showed it will be paid.
See my comment #16 in this thread chain where I have attached the screenshot of public tweet from Axis Bank.
 
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svs_23 said:
For me, when I opened burgundy savings account few months back, they didn’t ask for the 5L cheque. Just asked CTC and opened the account. It may vary branch to branch now that they have demand from Magnus folks for Burgundy.
If salary getting credited is above 3L per month, no other balance required to be maintained. As long as 3L salary gets credited, you can maintain 0 balance as well.
I personally haven’t explored family banking, but what I heard from my RM is that any offer in the past for gettting Magnus FYF or LTF applies only to the new card issuance and not to the cards already issued.
Click to expand...
Thanks for clarifications. Finally how do I go ahead getting this done? Do I just walk into any branch or call up customer care who would send representatives home to do it for me?
 
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ankitfintech said:
Yes I understand it could be FYF also. Either FYF or LTF. But at least there is some sort of fee waiver unlike the DM which showed it will be paid.
See my comment #16 in this thread chain where I have attached the screenshot of public tweet from Axis Bank.
Click to expand...
Even I asked in the DM few days ago, For me the reply was, This offer is only for new account and new card for a limited time only. Existing burgundy or existing Magnus holders don't get this offer.
They didn't clarify if it's FYF or LTF either.
 
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Can we find her IP and limit her access to this forum?
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Hang on... no need of this drastic measure yet...

At least she is doing a very good secretarial work and saving our members a lot of time..
Collating the facts and presenting them in a nice way is also an asset and we should respect it...
 
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