Axis Magnus Burgundy Magnus Upgrade Criteria

[Ankit13]

Hi,

Does anyone have any update if it is possible to upgrade to burgundy magnus by maintaining 10 lac balance or is it only through 30L TRV? When I asked premium support they said you can upgrade once the one-glance statement shows 30L TRV. Also, if it is possible via the 10 lac balance route, how long does one have to maintain the balance before the upgrade is possible? The burgundy tnc says 10 lac quarterly average is required. So if one opens a new account, practically AQB can't be calculated before 31st Dec. The last date to apply for burgundy Magnus is 30 Nov.

Update 1: 07 Oct, 2023
The burgundy phone support today said they have received new clarification and the eligibility criteria for burgundy magnus upgrade now includes maintaining a 10 lac savings balance in burgundy account. The upgrade request will be taken after maintaining the said amount for 45 days which will be verified from one glance statement.

Update 2: 07 Oct, 2023
The circus continues! The PNO replied to my email requesting clarification on the eligibility criteria. Interestingly, they did not answer the specific question asked regarding eligibility via savings balance route. They simply shared the link to the notorious 14 page FAQ document shared earlier. Seems like they themselves aren’t clear on what they want to do and thus avoiding written response to this question. I have again asked them to answer the specific question.

 

[drsel]

That's why you need to put a higher amount to reach the 10 lakh AQB before 30th November.

Ask your relationship manager to guide you properly

 

[Ankit13]

That's why you need to put a higher amount to reach the 10 lakh AQB before 30th November.

Ask your relationship manager to guide you properly

But are you saying 10 lac AQB is eligible for upgrade to new magnus. Has anyone got it through that route? RM is just as clueless as I am.

 

[drsel]

But are you saying 10 lac AQB is eligible for upgrade to new magnus. Has anyone got it through that route? RM is just as clueless as I am.

I was told by Burgundy support to put 30 lacs fixed deposit and that is sure fire way to get approval for the lifetime free Magnus burgundy card

but you need to maintain 30 lacs fixed deposits because they check every 6 months

 

[Ankit13]

I was told by Burgundy support to put 30 lacs fixed deposit and that is sure fire way to get approval for the lifetime free Magnus burgundy card

but you need to maintain 30 lacs fixed deposits because they check every 6 months

I have a bunch of ER coming so was thinking of taking burgundy only for a couple of months. The only option for me is through AQB as I can't meet TRV.

 

[drsel]

I have a bunch of ER coming so was thinking of taking burgundy only for a couple of months. The only option for me is through AQB as I can't meet TRV.

Phone Burgundy relationship manager and find out and let us all know whether 10 lakhs average quarterly balance is enough or not

 

[Ankit13]

Phone Burgundy relationship manager and find out and let us all know whether 10 lakhs average quarterly balance is enough or not

As I said my RM is not much of a help. I asked burgundy support and they said 10 lakh AQB is not eligible for the upgrade. I have written to PNO, will share when I receive a reply from them.

 

[SteelSh0t]

As I said my RM is not much of a help. I asked burgundy support and they said 10 lakh AQB is not eligible for the upgrade. I have written to PNO, will share when I receive a reply from them.

If 30 lakh FD is created, how much time is needed before someone can upgrade to magnus burgundy

 

[TheMentalist]

foll ow ing

There is a Watch button for that

 

[drsel]

30 lacs in fixed deposit or savings account has a cooling off period of 45 days.
After 45 days you can apply for Magnus Burgundy and after you get the card you can withdraw 20 lacs to maintain only 10 lakhs

 

[Salvo08]

Hi,

Does anyone have any update if it is possible to upgrade to burgundy magnus by maintaining 10 lac balance or is it only through 30L TRV? When I asked premium support they said you can upgrade once the one-glance statement shows 30L TRV. Also, if it is possible via the 10 lac balance route, how long does one have to maintain the balance before the upgrade is possible? The burgundy tnc says 10 lac quarterly average is required. So if one opens a new account, practically AQB can't be calculated before 31st Dec. The last date to apply for burgundy Magnus is 30 Nov.

Update 1: 07 Oct, 2023
The burgundy phone support today said they have received new clarification and the eligibility criteria for burgundy magnus upgrade now includes maintaining a 10 lac savings balance in burgundy account. The upgrade request will be taken after maintaining the said amount for 45 days which will be verified from one glance statement.

Update 2: 07 Oct, 2023
The circus continues! The PNO replied to my email requesting clarification on the eligibility criteria. Interestingly, they did not answer the specific question asked regarding eligibility via savings balance route. They simply shared the link to the notorious 14 page FAQ document shared earlier. Seems like they themselves aren’t clear on what they want to do and thus avoiding written response to this question. I have again asked them to answer the specific question.

You can get the card by meeting any criteria set by the bank for Burgundy but you need to wait for few more days and allow the dust to settle. One Axis RM told me that the bank is settling things with Mastercard and that's why this confusion.

 

[shake-all-Sphere]

30 lacs in fixed deposit or savings account has a cooling off period of 45 days.
After 45 days you can apply for Magnus Burgundy and after you get the card you can withdraw 20 lacs to maintain only 10 lakhs

For me i was just asked to maintain trv of 30 and than they processed the card