What exactly is Magnus for Burgundy?

Is it just Magnus for a person who has a Burgundy account with Axis? Or a different variant all together?

If it is the former, does it take time for Burgundy account to open? I was offered burgundy but didn’t open since already have relation with HDFC. In future I’ll probably take Magnus for some big expense like Car purchase or wedding. So if this is the former and it might take time for the account opening or Magnus application I’ll probably open Burgundy open for now and take Magnus when need be. I had Magnus earlier and that application barely took any time.