Burgundy account Not Maintaining

[swipesmart]

Hi,

I hold Burgundy account due to salary eligibility but after July my salary is going to take dip and I will be getting less than 3L.
When will they downgrade my account in such case ?
And what will happen to MB card ?
And what will happen to all Family banking account who are Burgundy due to me maintaining eligibility.

 

[sourpai]

Hi,

I hold Burgundy account due to salary eligibility but after July my salary is going to take dip and I will be getting less than 3L.
When will they downgrade my account in such case ?
And what will happen to MB card ?
And what will happen to all Family banking account who are Burgundy due to me maintaining eligibility.

Is it same employer or different employer? Does your new employer have tie up with Axis bank? If yes, then even above 2-2.5L also Axis gives Burgundy account. You will need to check this with your RM

MB however will be impacted as it requires Salary above 3L per month

 

[Quantum]

If your employer has a tie-up with Axis, then Axis might have relaxed the 3L salary criteria for them.
It is well-known that 3L salary criteria is relaxed for many employers and folks get the Burgundy salary account even with 2L.
Are you changing the employer too? If yes, check the tie-up and criteria with Axis and employer PoC for Axis or the BM/RM.

M4B is directly mapped to a Burgundy account.
M4B will remain LTF as long as the account reflects Burgundy status (account review happens every 6 months).
In case the Burgundy status is gone, 30K + GST will be charged as the annual fee. And all the family banking accounts who are Burgundy due to you will be downgraded to the type of account based on the AQB they are maintaining.

Your focus here should be trying to maintain the burgundy status of the account, and M4B will be taken care.

 

[swipesmart]

Is it same employer or different employer? Does your new employer have tie up with Axis bank? If yes, then even above 2-2.5L also Axis gives Burgundy account. You will need to check this with your RM

MB however will be impacted as it requires Salary above 3L per month

It's same employer. After how many month MB will be impacted?

 

[techt]

Reason for dip in salary? If it is due to EOSP/ESPP opt-ins, you can request for consideration.

 

[swipesmart]

Reason for dip in salary? If it is due to EOSP/ESPP opt-ins, you can request for consideration.

Bonus is going to end so dip as bonus will be replaced by shares which will not come in monthly salary rather to demat account

 

[techt]

Bonus is going to end so dip as bonus will be replaced by shares which will not come in monthly salary rather to demat account

Many companies are doing this . Not sure axis understands this.

 

[sourpai]

It's same employer. After how many month MB will be impacted?

See yours is a little bit of corner case. You can continue to maintain burgundy status if your employer has tie up and you draw less than 3L. Usually burgundy status gets reviewed in 3 months time. However not sure if there is any precedence of true burgundy status review (which requires 3L+ salary). Assume that it is also 3 months and plan accordingly.

Some folks may say that only Burgundy status is sufficient for MB. But T&Cs clearly mention true burgundy status as criteria

 

[swipesmart]

Thanks all, I will check with Axis but I think we all know answer from them 😂

Let's say it's not true Burgundy for me then what will happen to my MB ? Will it be cancelled or will I be charged if so, how much and will there any benefit for fee like coupons or points?

 

[sid16]

Since you have had a salary of 3L a month, will it not be possible to maintain average savings of 10L?

 

[swipesmart]

Since you have had a salary of 3L a month, will it not be possible to maintain average savings of 10L?

I like to keep my money in demat for trading purpose. Keeping money in saving is lost opportunity.

 

[Dragon_slayer]

I like to keep my money in demat for trading purpose. Keeping money in saving is lost opportunity.

In demat you use it for stocks trading, or invest in safer assets like bonds ?

 

[bing1309]

For downgrade there are certain conditions if you are not maintaining 3l as per salary criteria then first mail will comes on next month of previous month and then subsequently your RM will send a mail as non maintenance then followed by 3 mails and 5th month rm will call you on balance maintenance and still not maintained then 6th month they will downgrade

For upgrading to burgundy no time cretria just requirements are needed.

For downgrade an account status it's 6 months.

For magnus automatically the status of m4b will be changed to basic magnus. in case you close before downgrade then no charges but to get m4b you need to pay 30k+gst to get one if you dont close the card it will be charged automatically under m4b 30k+gst
If card is converted to normal magnus after downgrade m4b will be blocked and a new card will be issued.

Talk to rm first and make sure the salary cretria is relaxed and you are good to go. Here your rm plays a key role

 

[sid16]

I like to keep my money in demat for trading purpose. Keeping money in saving is lost opportunity.

Is keeping money in savings on weekends also a lost opportunity? Think about it. You need not keep it everyday. If you're using big money for trading purposes. You can keep around 35L in savings account on Saturday and Sunday and reinvest the same on Monday and trade till Friday. I'm assuming you're speaking about short term trading since you said you keep it in demat for trading purpose.

 

[swipesmart]

In demat you use it for stocks trading, or invest in safer assets like bonds ?

It's for stock trading

 

[swipesmart]

Is keeping money in savings on weekends also a lost opportunity? Think about it. You need not keep it everyday. If you're using big money for trading purposes. You can keep around 35L in savings account on Saturday and Sunday and reinvest the same on Monday and trade till Friday. I'm assuming you're speaking about short term trading since you said you keep it in demat for trading purpose.

If it would have been 35L then it's fine but I'm taking here max saving of 10-12L.
I have quite high expenses hence not able to save all income

 

[slider121]

axis bank is sending me emails to maintain burgundy status even after getting 4+lakhs salary credit every month. when I asked for clarification, they have mentioned that my current employer does not have tie up with axis so my account is no longer a salary account and salary credits are not considered for burgundy.
did anyone face this issue?

 

[_amit_]

axis bank is sending me emails to maintain burgundy status even after getting 4+lakhs salary credit every month. when I asked for clarification, they have mentioned that my current employer does not have tie up with axis so my account is no longer a salary account and salary credits are not considered for burgundy.
did anyone face this issue?

Private Banks does not allow salary account without corporate tie-ups.

Axis used to ignore this if you had existing salary account but changed companies.
However, they upgraded their system starting this year and many have gotten emails regarding this.

You account will be converted to savings if corporate tie-up is not there and some amount will be charged too if action not taken within 3 months.