Mumbai: Axis Bank has introduced an industry-first feature, Axis Bank Lock FD, aimed at shielding fixed deposits from the growing threat of digital fraud. This new feature empowers customers with enhanced control over their term deposits by restricting premature closures through digital channels.
With the Axis Bank Lock FD functionality, once an FD is locked, it cannot be closed using Internet or Mobile Banking, thereby reducing the chances of unauthorized access by cybercriminals.
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To prematurely withdraw a locked FD, the customer must visit a branch and undergo stringent identity verification. This additional security layer is particularly useful for senior citizens and customers less familiar with digital banking platforms.
Axis Bank Lock FD: Strengthening Digital Banking Security
The Axis Bank Lock FD feature is seamlessly available via the Axis Mobile App and across all Axis Bank branches nationwide. It reinforces the bank’s ongoing commitment to secure, customer-centric innovations that blend convenience with protection.
Sameer Shetty, Group Executive – Digital Business, Transformation & Strategic Programs, Axis Bank, said: “At Axis Bank, safeguarding customer assets through technology is a top priority. The Lock FD feature is a proactive response to the alarming rise in digital frauds. It empowers customers to protect their term deposits with a simple yet highly effective tool, ensuring that funds cannot be misappropriated through digital manipulation.”
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Additional Anti-Fraud Measures
This initiative follows the recent launch of the ‘In-App Mobile OTP’ feature, which strengthens authentication and reduces the risk of OTP-based fraud on the Axis Mobile app.
Together, these features underline Axis Bank’s leadership in digital banking security and its customer-first approach in the fight against online scams.
Customers can now activate the Axis Bank Lock FD feature directly from their mobile devices or visit their nearest branch to opt in.
