Axis Bank has introduced a new ‘Lock FD’ function with which customers can limit premature digital closure of their fixed deposits, improving protection against rising digital fraud. | Photocredit:
Axis Bank has launched a ‘lock FD’ function to protect the fixed deposits of customers (FDs) of rising digital fraud by enabling them to limit FD closures through digital resources.
Customers who choose this position must visit the branch to request the premature closure of their FD.
Feature blocks premature closure via digital channels
The bank of the private sector said in a statement that the ‘Lock FD’ function, which is available on its mobile app ‘open’ and in all its branches, enables customers to prevent early closure of fixed deposits (FDS) via digital channels, such as mobile and internet banking, which offers an extra layer of protection against cyber threats.
“The option for premature closure of digital channels is not available as soon as the down payment is locked. This in-branch verification with strict identity controls reduces the risk of unauthorized access. This functionality is especially useful for customers who may be less familiar with digital platforms and are more sensitive to digital frauds,” the bank said.
Downstairs from customers who are less familiar with digital platforms
Sameer Shetty, Group Executive – Digital Business, Transformation & Strategic Programs, Axis Bank, said: “This function enables customers to protect their term deposits against unauthorized digital access and enables us to offer a customer’s money to block alternative means.”
Published on August 5, 2025
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