MAGNUS BURGUNDY - FD Criteria

[BVCBVC is verified member.]

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.

That's how banks works. We are here to discuss these points only.

 

[drabhishek90]

Is Magnus Burgundy still being given LTF for Burgundy customers?

I doubt. All the threads are mentioning that it's now paid only.

 

[drabhishek90]

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

shit. I think I need to change my username. It has given lots of information....🤣🤣🤣

 

[drabhishek90]

I am a cardiologist by the way....

 

[Dragon_slayer]

Is Magnus Burgundy still being given LTF for Burgundy customers?

Nope, but continues to be conditional LTF for those who hold.

 

[Tumbleweed]

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

My father recently applied for M4B and he got just 2 lacs limit whereas I got 8 Lacs starting Credit limit for my M4B. Please explain how did you increase the limit as I need to make payment around 18 Lacs from Father's M4B by end of this month.

 

[Dragon_slayer]

My father recently applied for M4B and he got just 2 lacs limit whereas I got 8 Lacs starting Credit limit for my M4B. Please explain how did you increase the limit as I need to make payment around 18 Lacs from Father's M4B by end of this month.

Spend full 2 lakhs and dont pay until bill generation. When they will notice you are using 100% of your limit then next month they will provide extension

 

[sumit_yadav]

My father recently applied for M4B and he got just 2 lacs limit whereas I got 8 Lacs starting Credit limit for my M4B. Please explain how did you increase the limit as I need to make payment around 18 Lacs from Father's M4B by end of this month.

2L -> 18L is a substantial jump considering the card was issued recently.

 

[Dragon_slayer]

2L -> 18L is a substantial jump considering the card was issued recently.

He can pay in parts if the merchant allows

 

[Tumbleweed]

He can pay in parts if the merchant allows

Yeah, planning to do that only.

 

[Tumbleweed]

Spend full 2 lakhs and dont pay until bill generation. When they will notice you are using 100% of your limit then next month they will provide extension

Did you ask for LE or they did it on their own considering your spending patterns?

 

[Dragon_slayer]

Did you ask for LE or they did it on their own considering your spending patterns?

If you ask they wont give. Better to spend and just wait

 

[Kyc]

do we really need to open a FD? I heard that having a MAB of 10 lakhs for a quarter was sufficient.

 

[Riva]

It is now 10L monthly and not quarterly wef Jan'25

 

[anujdit]

do we really need to open a FD? I heard that having a MAB of 10 lakhs for a quarter was sufficient.

Saving account will not give any interest, however FD can provide interest at least(7-8%). If someone needs to invest in FD anyway, then he/she can go for this channel to get M4B

 

[drabhishek90]

FD model is for:
1. Someone who has some extra money that needs to be parked.
2. Someone who needs the M4B urgently since one can get the card within a month by this method. The savings account 10 lacs MAB will need at least a quarter before you become eligible.

 

[mojo_jojo123]

did any one got burgundy based on PMS / Investments ?

 

[harshit.123]

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.

Will axis bank provide secure card in premium range like M4b and oloumps or atlas

 

[uno3987]

Will axis bank provide secure card in premium range like M4b and oloumps or atlas

Are you after a secured card due to being a non-resident ?
I have recently checked with Axis for M4B and they mentioned the same criteria of maintaining a 30L FD to expedite the M4B approval process but no written confirmation of the same

 

[harshit.123]

Are you after a secured card due to being a non-resident ?
I have recently checked with Axis for M4B and they mentioned the same criteria of maintaining a 30L FD to expedite the M4B approval process but no written confirmation of the same

I am just asking the secured card if i need to be also in gff they launched on rupay also could I get one and how