Axis Magnus Burgundy Magnus 5:4 ratio

[drsel]

1) Please post here when your Magnus card with Burgundy status shows a 5:4 conversion ratio.

2) Also post if you have received a brand new Burgundy Magnus card or have the same old Magnus card.

3) Whether the brand new burgundy Magnus card is lifetime free or old Magnus card is made lifetime free because of your Burgundy 10 lac AQB savings account.

So far I don't think anyone in India is getting it, but its supposed to be starting from 15 to 21 September 2023.

Also kindly let us know how simple and easy it is to convert your existing ordinary savings account in Axis Bank to a Burgundy savings account. Thanks 🙏

 

[jack333]

Where is this mentioned? Can you please post the source link?

I've updated my post. It's 7.5% on whole amount if you keep more than 25l. It's 6% on whole amount for 10l

 

[coolguy1]

I've updated my post. It's 7.5% on whole amount if you keep more than 25l. It's 6% on whole amount for 10l

Do remember RBI only covers 5L if a bank goes bust.
To extra a percent or two extra, you won't want to keep it somewhere and lose it all.

(Not shaming any banks, just a reminder)

 

[MilesMax]

Do remember RBI only covers 5L if a bank goes bust.
To extra a percent or two extra, you won't want to keep it somewhere and lose it all.

(Not shaming any banks, just a reminder)

RBI wouldn't let a bank go bust just like that. Even with the Yes Bank Fiasco I don't think anyone lost money.

 

[drsel]

RBI wouldn't let a bank go bust just like that. Even with the Yes Bank Fiasco I don't think anyone lost money.

There were also United Western Bank, Global trust Bank, Yes bank and many cooperative banks

 

[MilesMax]

There were also United Western Bank, Global trust Bank, Yes bank and many cooperative banks

Sure but account holders or FD holders didn't lose money for that. Those banks were either acquired or merged
Its shareholders would have lost a lot for sure.

 

[rishabk27775]

What is the status of 5:4 conversion? Is it working now properly and can we transfer all edge points without segregation? Please someone with magnus burgundy check it

 

[drsel]

What is the status of 5:4 conversion? Is it working now properly and can we transfer all edge points without segregation? Please someone with magnus burgundy check it

Someone confirmed on another thread that all his Edge points are showing 5:4 ratio, but they are in the Edge bucket and not in the Burgundy bucket.
He was among the first to get the Burgundy card

 

[Dragon_slayer]

RBI wouldn't let a bank go bust just like that. Even with the Yes Bank Fiasco I don't think anyone lost money.

When things so south, even RBI won't be able to solve it, we have seen many such examples around the world. Dont trust the government blindly.

 

[MilesMax]

When things so south, even RBI won't be able to solve it, we have seen many such examples around the world. Dont trust the government blindly.

It is good to diversify for sure.

Indian banks are more regulated compared to banks from other countries. Same with stock exchanges, It is a lot more regulated in India.
It isn't like small finance banks are unsafe and big banks are 100% safe.
Yes Bank was one the biggest private sector banks. If that can collapse then Axis, ICICI, Kotak etc. can too.

You should look at the bigger picture. A bank going under is a terrible image for the country. RBI would not let that happen.
At least till now, AFAIK customers have not lost money because of banks going under in India. It could have happened around the world.
It either gets acquired or Merged. Those are fancy terms but technically it's rescued by one of the big banks.

 

[drsel]

It is good to diversify for sure.

Indian banks are more regulated compared to banks from other countries. Same with stock exchanges, It is a lot more regulated in India.
It isn't like small finance banks are unsafe and big banks are 100% safe.
Yes Bank was one the biggest private sector banks. If that can collapse then Axis, ICICI, Kotak etc. can too.

You should look at the bigger picture. A bank going under is a terrible image for the country. RBI would not let that happen.
At least till now, AFAIK customers have not lost money because of banks going under in India. It could have happened around the world.
It either gets acquired or Merged. Those are fancy terms but technically it's rescued by one of the big banks.

What happened to the failed banks SVB, etc in USA?

 

[Salvo08]

Equitas gets you 59,500 for 10L
Better than IDFC.

Ya must be but haven’t seen branches around me.

 

[MilesMax]

Ya must be but haven’t seen branches around me.

You don't need branch. You can do via NiyoX instantly

 

[Salvo08]

You don't need branch. You can do via NiyoX instantly

Is that an App? Heard first time. There’s so much to learn.

 

[MilesMax]

Is that an App? Heard first time. There’s so much to learn.

Yes, NiyoX has tie-up with Equitas. They internally open a zero-balance Equitas account for you online.

 

[hrishig]

Got add-on cards, also see 5:4 transfer ratio. I got what I was looking for from axis. Still miss 25k monthly milestone. But found a way to get a good returns on magnus by combining six monthly expenses in a single month to get 3X points. Overall 20% returns if you use point for economic travel. Can get 30%-40% off if you decide to use that wisely on Business class travel

 

[CardScout]

Any news from folks who are Burgundy customers but not having TRV >= 30L?

 

[mastfun]

Any news from folks who are Burgundy customers but not having TRV >= 30L?

Still fighting and waiting! People with Salary Criteria is getting it without TRV

 

[rohitb]

Any news from folks who are Burgundy customers but not having TRV >= 30L?

Have sent multiple mails. They have asked for 5 days so waiting.

 

[CardScout]

Have sent multiple mails. They have asked for 5 days so waiting.

Do tell whatever the reply is after 5 days, positive or negative

 

[CardScout]

Still fighting and waiting! People with Salary Criteria is getting it without TRV

My RM has sent a mail to higher ups for burgundy customers asking for the new Magnus. She herself said that there is some delay / problems from the cards department itself and a lot of her clients are asking the same thing.