MUMBAI—In an effort to protect customers’ savings from the growing threat of cybercrime, Axis Bank has introduced a new security measure called “Lock FD.” This feature is designed to add a critical layer of protection to fixed deposits (FDs), which have become increasingly vulnerable to digital banking fraud.
A New Layer of Protection
The “Lock FD” feature directly addresses the risk of unauthorized withdrawals from fixed deposits. Once a customer activates the feature, the option to prematurely close the FD through digital channels such as mobile or internet banking is disabled. This means that even if a fraudster gains access to a customer’s login details through phishing or other malicious attacks, they cannot instantly liquidate the fixed deposit and steal the funds. The new system creates a necessary roadblock that forces a different, more secure process for withdrawal.
Branch-Only Verification
To close a fixed deposit that has been “locked,” a customer must physically visit an Axis Bank branch. This step is the cornerstone of the new security feature. At the branch, bank officials will perform in-person identity and physical verification before processing the closure. This human-centric approach is intended to complement existing digital safeguards and provide a robust defense against fraud. It is a particularly helpful measure for customers who may be less comfortable with digital banking and prefer a more traditional, secure method for managing their savings.
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Easy Activation for Customers
Axis Bank has made the process of enabling the “Lock FD” feature straightforward for its customers. The option can be activated in two simple ways. Customers can either log in to their Axis Bank mobile app, navigate to their FD details, and enable the feature with a few taps. Alternatively, they can visit any Axis Bank branch and request a bank representative to activate it for them. This ease of access ensures that a wide range of customers, regardless of their tech-savviness, can take advantage of the new security measure.
Broader Commitment to Security
Beyond the “Lock FD” feature, the bank is also rolling out other security enhancements. One such addition is an in-app mobile OTP feature. This measure is designed to prevent malicious apps from intercepting one-time passwords and to further strengthen the authentication process for all digital transactions.
