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Axis Bank Rolls Out Industry-First ‘Lock FD’ Feature to Shield Fixed Deposits from Digital Frauds.

Banking & Finance | Dated: 07 Aug 2025

Axis Bank unveiled an industry-first feature named ‘Lock FD’, aimed at protecting customers’ fixed deposits (FDs) from digital frauds. Announced across its mobile banking app ‘open’ and all branches, this move bolsters security for term deposits amid mounting phishing and malware threats.

🎯 Key Highlights:

  • - The ‘Lock FD’ feature allows depositors to block the online or mobile-based premature closure of their FDs. To cancel such deposits, customers must visit the branch in person—offering an added security layer against unauthorized digital withdrawals.
  • - Once locked, any request for premature closure requires identity confirmation at a branch. This process, involving stringent verification, significantly hampers potential fraudsters from accessing and draining funds digitally.

💡 Other Important Facts:

  • (i) The feature is accessible both through Axis Bank's mobile app (‘open’) and at physical branches. Its activation is user-friendly and aligns with Axis Bank's strategy of offering digital-first solutions without compromising on safety.
  • (ii) This launch complements other recent Axis Bank security enhancements like the ‘In-App Mobile OTP’ feature, designed to protect customers from One-Time Password (OTP) related scams, reinforcing the bank's leadership in digital banking safety.

📚 Test Your Knowledge:

Recently, which bank has launched the industry-first 'Lock FD' feature to protect Fixed Deposits (FD) from digital frauds?

Correct Answer: Axis Bank

🚀 Quick Recap: