Current Affairs - Banking - Discussion

Axis Bank has introduced the ‘Lock FD’ feature as a proactive measure to safeguard customers from digital banking fraud. This feature prevents the premature closure of fixed deposits through online channels, allowing closure only via in-person visits to a branch with proper identity verification. By blocking digital closure requests and requiring branch-based verification, the initiative significantly reduces the risk of unauthorised fund withdrawals, even if digital credentials are compromised. Customers can activate ‘Lock FD’ through the Axis Bank mobile app or by visiting a branch, thereby adding a strong human and procedural layer of protection to their savings.