In response to the rising threat of digital fraud, Axis Bank has launched 'Lock FD', a new security feature designed to protect customers' fixed deposits (FDs) from unauthorized premature withdrawals through digital channels. This innovative feature is available on the bank's mobile app and across all its branches.

With the increasing prevalence of online scams and identity theft, financial institutions are under pressure to enhance security for their customers. The 'Lock FD' feature is a proactive measure by Axis Bank to provide customers, especially senior citizens and those less comfortable with digital platforms, with greater confidence in the safety of their savings.

How 'Lock FD' Works

Once the 'Lock FD' feature is activated, customers can no longer prematurely close their fixed deposits through digital channels such as mobile and internet banking. If a customer needs to withdraw the money before the FD matures, they must visit an Axis Bank branch and undergo in-person identity verification. This adds an extra layer of security, ensuring that only the legitimate account holder can access the funds.

Benefits of the 'Lock FD' Feature

• Enhanced Protection Against Online Fraud: Even if a customer's digital banking login is compromised, their FD remains secure.
• Better Control Over Savings: The feature discourages impulsive early withdrawals, helping customers stick to their long-term financial goals.
• Ideal for Senior Citizens: Offers added safety for older customers who may be more vulnerable to online scams.
• Easy Setup: Available through both the Axis Bank app and physical branches.

How to Activate ‘Lock FD’ Feature

Customers can activate the 'Lock FD' feature through the Axis Bank mobile app:

1. Log in to the Axis Bank mobile app using your mPIN.
2. Go to the FD/RD section.
3. Look for the 'Lock FD' banner and click on it.
4. If you have multiple FDs, select the fixed deposit you want to lock.
5. Confirm your action using your mPIN.
6. Your FD will now be locked.

Sameer Shetty, Group Executive - Digital Business, Transformation & Strategic Programs at Axis Bank, stated that the 'Lock FD' feature reflects the bank's proactive response to the rising tide of digital fraud. He added that it empowers customers to safeguard their term deposits from unauthorized digital access and enables the bank to provide security to the customer's money by blocking alternative means of siphoning off funds by fraudsters.

In addition to 'Lock FD', Axis Bank has also recently launched an in-app mobile OTP feature on its mobile app to enhance authentication security and protect customers from rising OTP-related frauds and scams.

Axis Bank FD Rates

Axis Bank offers fixed deposit interest rates ranging from 3.5% to 7.75%, depending on the amount deposited and the tenure selected. The bank offers FD tenures ranging from 7 days to 10 years. With the lock-in feature, customers may find it easier to stay invested for longer periods and maximize their returns.