Axis Bank, today announced the launch of an industry-first feature – ‘Lock FD’, aimed at enhancing the safety of customers’ fixed deposits (FDs) against the growing threat of digital fraud. Available through the Axis Mobile app and across all branches, this innovative feature allows customers to prevent premature closure of their term deposits via digital channels, adding a crucial layer of protection.
The ‘Lock FD’ functionality enables customers to restrict premature withdrawals of FDs through Internet and Mobile Banking. Once locked, the FD can only be closed by physically visiting a branch, ensuring that any closure is subject to in-person verification and stringent identity checks. This added measure is particularly valuable for customers who may be less digitally savvy and are more vulnerable to cyber fraud.
“At Axis Bank, we have been continuously investing in digital-first propositions focused on secure and seamless banking experiences. With the launch of ‘Lock FD’, we are taking a proactive step to counter the surge in digital frauds. This feature empowers customers by giving them control over the security of their deposits and blocks alternate digital routes that fraudsters may exploit,” said Sameer Shetty, Group Executive – Digital Business, Transformation & Strategic Programs, Axis Bank.
The feature is now available to all Axis Bank customers and can be activated easily via the Axis Mobile app or by visiting any Axis Bank branch.
In line with its ongoing commitment to security, Axis Bank has also recently introduced the ‘In-App Mobile OTP’ feature, further strengthening the authentication process and minimizing the risk of OTP-related frauds and scams.
These initiatives underscore Axis Bank’s strategic focus on enhancing customer trust, delivering safe digital banking experiences, and positioning itself as a leader in cybersecurity within the banking sector.