Axis Bank Introduces 'Lock FD' Feature: How To Use It And Key Benefits
Axis Bank’s Lock FD feature helps customers keep their fixed deposits safe by blocking online withdrawals.
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Axis Bank has introduced a new safety feature called ‘Lock FD’ to offer customers additional protection for their fixed deposits against online fraud. The feature, available on the bank’s mobile app and at branches, lets users block premature withdrawals through digital channels.
As digital banking becomes more common, many people worry about keeping their savings safe against online scams. To ease these concerns, Axis Bank has introduced the ‘Lock FD’ feature. If this feature is turned on, early withdrawals can only happen at a branch after proper identity verifications.
This adds an extra layer of security to the savings of the customers who may be more vulnerable to online fraud or prefer face-to-face banking. The feature is currently accessible to all Axis Bank customers.
Steps To Activate 'Lock FD' Feature
Those who already hold fixed deposits can activate the new safety feature through the Axis Bank app:
Log in to the Axis Bank mobile app using your mPIN.
Go to the FD/RD section.
Look for the ‘Lock FD’ banner and click on it.
If you have multiple FDs, select the fixed deposit you want to lock.
Confirm your action using your mPIN.
Your FD will now be locked
Customers can also visit any branch to enable the lock manually. For new customers opening a fixed deposit, the lock-in feature can be activated at the time of creating the FD.
How It Works
Once you turn on the ‘Lock FD’ feature, your fixed deposit can’t be liquidated prematurely using internet or mobile banking. If you ever need to withdraw the money before it matures, you'll have to go to a branch and verify your identity in person.
Axis Bank Lock FD Feature Benefits
A big advantage of the ‘Lock FD’ feature is the extra security and peace of mind it brings. Even if someone gets hold of your mobile or internet banking details, they won’t be able to withdraw your FD money online. That’s a relief, especially for older customers or anyone who isn’t too comfortable with technology. It also helps you stick to your savings plan by stopping you from breaking your FD too easily.
Axis Bank FD Rates
Axis Bank offers fixed deposit interest rates ranging from 3.5% to 7.75%, depending on the amount deposited and the tenure selected. With the lock-in feature, customers may find it easier to stay invested for longer periods and maximise their returns.
