Axis Bank has launched the ‘Lock FD’ feature to protect customers from digital banking fraud by preventing premature closure of fixed deposits online. This added security measure allows closure only through branch visits with ID verification, strengthening protection against online fraud.
Introducing the ‘Lock FD’ Feature
- Prevents premature closure of fixed deposits through digital channels.
- Enables closure only through in-person visits to Axis Bank branches.
How ‘Lock FD’ Works
- Digital closure is disabled, ensuring FDs can only be closed in person at a branch.
- Customers must undergo identity verification and physical checks at the branch for closure.
Added Security Through Branch Verification
- Prevents unauthorized withdrawals even if digital credentials are compromised.
- Provides enhanced protection for customers, especially those less familiar with digital banking.
- Human verification at branches complements digital security measures.
How to Activate ‘Lock FD’
- Through Axis Bank Mobile App: Enable ‘Lock FD’ in FD details section.
- At a Branch: Request activation from a bank representative at any Axis Bank branch.
Additional Security Measures by Axis Bank
- Launch of in-app mobile OTP feature to strengthen transaction security.
- Prevents OTP interception by malicious apps.
- Enhances authentication for digital transactions, improving online banking safety.
Axis Bank FD Interest Rates (Effective from August 6, 2025)
- For General Citizens: 3% – 6.6% (FD amounts below ₹3 crore).
- For Senior Citizens: 3.5% – 7.10% (FD amounts below ₹3 crore).
Key Takeaways for Competitive Exams
- Axis Bank introduces ‘Lock FD’ feature to prevent digital banking fraud.
- Customers can protect their fixed deposits by disabling online closures.
- Closure of locked FDs is only possible through physical visits to branch with verification.
- Activation of ‘Lock FD’ can be done via mobile app or at an Axis Bank branch.
- Enhanced security measures include in-app OTP feature and competitive FD interest rates.
