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The Lock FD prevents unauthorised access to your fixed deposit account.
Turn on the Lock FD feature through the Axis Bank mobile app. (representative image)
Axis Bank has rolled out a new security feature called ‘Lock FD’ to protect fixed deposits against online scams. The facility is accessible via the bank’s mobile application as well as through its branches.
It allows account holders to disable premature withdrawals through digital options. This adds an extra layer of protection to customers’ savings.
“Customers who opt for this feature will have to visit the branch for the premature closure of their FD. The option for premature closure from digital channels will not be available once the deposit is locked. This in-branch verification with stringent identity checks reduces the risk of unauthorised access,” Axis Bank said in a press release.
The safeguard will stop cybercriminals from exploiting weaknesses in digital systems. In recent incidents, fraudsters have used stolen login details or carried out SIM swap scams to break into online banking accounts and withdraw fixed deposits before maturity.
After a customer enables the ‘Lock FD’ facility, premature closure of the fixed deposit through mobile or internet banking is no longer possible. To withdraw before maturity, the account holder will need to visit an Axis Bank branch. Then the branch staff will carry out face-to-face verification and confirm identity before processing the request.
Requiring customers to visit a branch in person for premature closure of fixed deposits reduces the chances of fraud. This in-branch process includes thorough identity checks, adding a strong layer of protection against fraudsters who might otherwise misuse stolen online banking details.
Customers can activate the ‘Lock FD’ feature in two ways.
– The first option is to log into the Axis Bank mobile app, locate fixed deposit details and turn on the ‘Lock FD’ option.
– The second option is to visit any Axis Bank branch and request a staff member to enable the facility on their behalf.
Sameer Shetty, Group Executive – Digital Business, Transformation & Strategic Programs at Axis Bank, said, “This feature empowers customers to safeguard their term deposits from unauthorised digital access and enables us to provide security to the customer’s money by blocking alternative means of siphoning off funds by fraudsters.”
Alongside the ‘Lock FD’ feature, Axis Bank has recently launched an in-app mobile OTP system within its mobile banking app. This generates one-time passwords directly inside the app, eliminating the need for SMS-based codes and thereby reducing the risk of OTP theft. This enhancement significantly strengthens transaction security, offering customers a safer and more reliable way to verify their online activities.
A team of writers and reporters decodes vast terms of personal finance and making money matters simpler for you. From latest initial public offerings (IPOs) in the market to best investment options, we cover al…Read More
A team of writers and reporters decodes vast terms of personal finance and making money matters simpler for you. From latest initial public offerings (IPOs) in the market to best investment options, we cover al… Read More
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