As digital fraud cases continue to rise, private sector lender Axis Bank has introduced a new security feature aimed at protecting fixed deposit (FD) holders from unauthorised digital transactions. The newly launched ‘Lock FD’ feature enables customers to restrict the premature closure of their fixed deposits through online channels, offering added peace of mind amid growing concerns over phishing attacks, malware, and account hacking.
A Response to Increasing Digital Threats
With online banking fraud becoming a frequent concern across India, especially due to unauthorised fund transfers and compromised digital credentials, Axis Bank’s initiative provides a safeguard for customers wary of such risks. Many customers have expressed discomfort about the safety of their savings in the digital age, prompting the bank to bolster its security framework.
How the ‘Lock FD’ Feature Works
The ‘Lock FD’ feature, available on Axis Bank’s mobile app and at its branches, allows customers to disable the option of closing their fixed deposit prematurely through mobile or internet banking. Once locked, an FD can only be closed after the account holder visits an Axis Bank branch in person and undergoes verification.
“This functionality is especially beneficial for customers who may be less familiar with digital platforms and are more susceptible to digital frauds,” the bank said in a statement.
Branch Verification to Curb Unauthorised Withdrawals
The requirement of physically visiting a branch for any premature FD closure introduces an additional layer of security. The in-person identity check is designed to prevent fraudsters from misusing compromised digital banking credentials.
How to Activate the ‘Lock FD’ Feature
Customers can enable the ‘Lock FD’ feature in two ways:
- Via Mobile App: Log in to the Axis Bank app, navigate to FD details, and activate the ‘Lock FD’ option.
- At a Branch: Visit any Axis Bank branch and request activation from a bank representative.
Additional Security Measures
In a further boost to customer safety, Axis Bank has also rolled out an in-app mobile OTP feature. This prevents one-time password interception during online transactions, enhancing the integrity of digital authentication.
Fixed Deposit Interest Rates
Axis Bank currently offers interest rates ranging from 3% to 6.6% for general customers and 3.5% to 7.10% for senior citizens on fixed deposits below ₹3 crore. These rates are effective as of August 6, 2025.
