Axis Bank Releases ‘Lock FD’ Feature to Prevent Digital Fraud

Axis Bank has launched a new security feature called ‘Lock FD’ that allows account holders to restrict the premature closure of fixed deposits through digital platforms. This initiative is aimed at enhancing customer protection as online banking fraud continues to rise.

‘Lock FD’ Feature Enhances Fixed Deposit Security

The ‘Lock FD’ function is designed to protect deposit holders from unauthorised access and fraudulent withdrawals via mobile or internet banking. When activated, it disables the option to prematurely close fixed deposits through online modes. Customers will need to visit an Axis Bank branch to initiate any closure request, enabling additional identity verification procedures by bank staff to authenticate the request safely.

Activation via Mobile App or Bank Branch

Customers can conveniently enable the ‘Lock FD’ option using the Axis Bank mobile app or by visiting the nearest branch. This easy accessibility ensures that even tech-savvy and non-tech-savvy users can protect their savings. Once enabled, this tool adds a physical verification step to digital transactions, significantly reducing fraud risks tied to stolen credentials or SIM swap scams.

Read More: Upcoming NFOs in July 2025: Axis and JM Financial Launch New Mutual Fund Schemes!

Focus on High-Risk User Groups

Axis Bank emphasises that the new ‘Lock FD’ feature is particularly beneficial for senior citizens, who are often more vulnerable to digital banking scams. By limiting digital access and requiring in-person interaction for fund withdrawals, the bank aims to safeguard the financial interests of these high-risk customers.

Strengthening Cybersecurity Across Platforms

This development is part of a broader strategy by Axis Bank to improve its cybersecurity infrastructure. Previously, the bank had introduced an in-app mobile OTP system to reinforce two-factor authentication, helping users better protect their online transactions without solely relying on SMS-based verification.

Axis Bank Share Price Performance

On August 6, 2025, Axis Bank share price opened at ₹1,074.00 on NSE, above the previous close of ₹1,070.80. During the day, it surged to ₹1,075.90 and dipped to ₹1,070.00. The stock is trading at ₹1,070.30 as of 9:57 AM. The stock was down by 0.05%.

Over the past week, it has moved up by 0.18%, over the past month, it has declined by 8.11%, and over the past 3 months, it has declined by 7.77%.

Conclusion

With the introduction of the ‘Lock FD’ feature, Axis Bank is taking solid steps to reduce digital fraud risks. The feature empowers customers to have more control over the security of their fixed deposits while creating added barriers for cybercriminals hoping to exploit online vulnerabilities.

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