Digital banking has made transactions easier, but cases of fraud are also increasing rapidly.
Theft through internet banking, mobile apps, and online payments has raised concerns about the safety of money.
Fixed deposit (FD) holders, in particular, fear that someone could break their FD prematurely and withdraw the money.
To tackle this problem, Axis Bank — a major private sector bank — has introduced a new security feature called “Lock FD”.
This feature ensures that your FD cannot be closed online and can only be broken by visiting the bank branch in person.
What is the ‘Lock FD’ Feature?
The ‘Lock FD’ feature is designed to protect FDs from unauthorized closure. Once activated, breaking the FD via mobile or internet banking will not be possible.
To close the FD, customers must visit a bank branch, present their identity proof, and submit the required documents.
How It Keeps Your Money Safe:
Even if fraudsters get access to your account, they won’t be able to break the FD.
A physical branch visit and full identity verification are mandatory, greatly reducing the risk of fraud.
Who Will Benefit and How to Activate It
According to Axis Bank, this feature is especially useful for people who rarely use digital platforms, such as senior citizens, rural customers, and those less comfortable with technology.
Steps to Activate ‘Lock FD’:
From Mobile App: Open the Axis Bank app, go to FD details, and switch on the ‘Lock FD’ option.
At Branch: Visit the bank branch and request to lock the FD.
Extra Security Measures by Axis Bank
In addition to the ‘Lock FD’ feature, Axis Bank has recently introduced an in-app mobile OTP system. This prevents OTP interception, making digital transactions more secure.
