Is it wise to open a Burgundy Savings Account considering I am earning much higher interest on my money elsewhere?

[kunaljn91]

Hi Team,

I have recently got to know about Burgundy Savings Account and the kind of benefits associated with the same!
Just wanted to know will it make sense to park my money in axis bank?

PS: they want me to maintain 5L AQB
I have calculated the difference in interest it will be 8500Rs/ year!

Can someone please enlighten me, regarding the benefits (fine prints/details) that will outweigh the interest!

TIA

 

[Batmanbaba]

Only if u want premium credit card like burgundy, select or atlas... Pre-approved or ltf... Open it... Else there are many better option to get better rates than 8500....

 

[AllSeeker]

Every person is different, if your requirements exceed the value of parking that much money in the axis, then its sure go.

Its most notable benefit is free premium credit card and dedicated RM.

 

[kunaljn91]

It is just Axis Select Credt Card that is LTF, I already hold 3 credit card of Axis Card, so that is more than sufficient!

Any other fine prints with respect to burgundy that is not mentioned on there web page?

 

[ChurningNoob]

Only if u want premium credit card like burgundy, select or atlas... Pre-approved or ltf... Open it... Else there are many better option to get better rates than 8500....

My dad hold burgandy account and RM is asking to open for me as well. So will I need to maintain the minimum balance too and is there any benefit with it?

 

[Batmanbaba]

My dad hold burgandy account and RM is asking to open for me as well. So will I need to maintain the minimum balance too and is there any benefit with it?

If u don't maintain also.. There are no mab charges... And they wont downgrade that easily... If ur dad has it.. I guess burgundy has family banking where only primary holder has to maintain balance.. Rest of the family can hold zero balance accounts with burgundy benefits

 

[ChurningNoob]

If u don't maintain also.. There are no mab charges... And they wont downgrade that easily... If ur dad has it.. I guess burgundy has family banking where only primary holder has to maintain balance.. Rest of the family can hold zero balance accounts with burgundy benefits

Got it. Will talk to the RM and any idea whether its possible to get Magnus or any other card LTF?

 

[Batmanbaba]

Got it. Will talk to the RM and any idea whether its possible to get Magnus or any other card LTF?

Yes... Many people have got... U have to push ur RM hard... If u have other premium cards like infinia, idfc wealth or bob eterna.... U can even try c2c

 

[kunaljn91]

My dad hold burgandy account and RM is asking to open for me as well. So will I need to maintain the minimum balance too and is there any benefit with it?

In Burgundy family banking, all the account holders have to collectively manage the AQB, so if your dad is managing it! Then you dont even have to keep a penny in that particular account! Also, it opens door to multiple CCs if you already dont have axis cc’s in your portfolio!

 

[ChurningNoob]

In Burgundy family banking, all the account holders have to collectively manage the AQB, so if your dad is managing it! Then you dont even have to keep a penny in that particular account! Also, it opens door to multiple CCs if you already dont have axis cc’s in your portfolio!

Actually I dont have any CC from axis maybe I try my luck with Magnus or next best thing.

Matter of fact I have ₹-750 in my axis savings account LOL

 

[TechnoFino]

My dad hold burgandy account and RM is asking to open for me as well. So will I need to maintain the minimum balance too and is there any benefit with it?

No, just open burgundy a/c and enrol in family banking.

 

[TechnoFino]

Hi Team,

I have recently got to know about Burgundy Savings Account and the kind of benefits associated with the same!
Just wanted to know will it make sense to park my money in axis bank?

PS: they want me to maintain 5L AQB
I have calculated the difference in interest it will be 8500Rs/ year!

Can someone please enlighten me, regarding the benefits (fine prints/details) that will outweigh the interest!

TIA

I'll upload a video on this particular topic next week

 

[kunaljn91]

I'll upload a video on this particular topic next week

Thank you Sir!

 

[ChurningNoob]

Yes... Many people have got... U have to push ur RM hard... If u have other premium cards like infinia, idfc wealth or bob eterna.... U can even try c2c

My RM is no way ready to give Magnus for free she is like no means no LOL but she is offering Signature or select only for LTF

 

[Batmanbaba]

My RM is no way ready to give Magnus for free she is like no means no LOL but she is offering Signature or select only for LTF

Take whatever they are giving and then threatn to cancel.. Then she will feel the heat

 

[dhshankar]

My RM is no way ready to give Magnus for free she is like no means no LOL but she is offering Signature or select only for LTF

Magnus is not free even for Burgundy. .I tried a lot , but not succeeded .. Please see below post

Anyone got Magnus First year Free ?

Hello All, May I know if anyone got First year fee waiver (unconditional) for Magnus credit card , based on your relationships with Axis like Burgundy or any other ? I spoke to some burgundy RMs and head of Burgundy south channel .. Here is what I understood -> There is no FYF...

www.technofino.in

 

[Harry1]

Magnus is not free even for Burgundy. .I tried a lot , but not succeeded .. Please see below post

Anyone got Magnus First year Free ?

Hello All, May I know if anyone got First year fee waiver (unconditional) for Magnus credit card , based on your relationships with Axis like Burgundy or any other ? I spoke to some burgundy RMs and head of Burgundy south channel .. Here is what I understood -> There is no FYF...

www.technofino.in

Yeah, never heard LTF Magnus.
They give lower cards like Axis Ace LTF for Burgundy customers.

Maybe for Burgundy private customers (5Cr TRV) , they will make it LTF😅.

 

[ChurningNoob]

Yeah, never heard LTF Magnus.
They give lower cards like Axis Ace LTF for Burgundy customers.

Maybe for Burgundy private customers (5Cr TRV) , they will make it LTF😅.

Which card did you take? They are providing me with Select or Signature maybe will try Atlas

 

[Harry1]

Which card did you take? They are providing me with Select or Signature maybe will try Atlas

I have privilege already (not LTF, but have already met waiver condition for this year, so no fee for another 16-17 months). And this is better than Select/Signature in terms of reward rate due to double reward rate against Myntra vouchers.

The lounge/golf/big basket/ bms BOGO benefits are not real benefits, have plenty of other cards for them.

Have requested them for Axis Ace LTF for flat 2% cb.

 

[Rashya]

Yeah, never heard LTF Magnus.
They give lower cards like Axis Ace LTF for Burgundy customers.

Maybe for Burgundy private customers (5Cr TRV) , they will make it LTF😅.

Burgundy private customers get the highest variant of Burgundy private metal credit card, they don’t have to think about Magnus or select or privilege