Axis Bank , one of India's leading private sector banks, has taken a significant step to enhance cybersecurity for its customers by introducing the 'Lock FD' feature. This innovative security measure is designed to protect fixed deposits (FDs) from unauthorized digital access and premature closures, addressing the growing concerns of cyber fraud in digital banking.

How 'Lock FD' Works

The 'Lock FD' feature, once activated, prevents customers from closing their fixed deposits through digital platforms. Customers can enable this security feature either through the bank's mobile app or by visiting a branch. After activation, any attempt to prematurely close an FD will require the account holder to visit a branch in person, where bank staff will conduct stricter identity verification procedures.

Targeting Cyber Fraud Risks

This new security measure is Axis Bank's response to the increasing incidents of cyber fraud, particularly cases where attackers use stolen credentials or SIM swap techniques to gain unauthorized access to digital banking services and close fixed deposits. By implementing the 'Lock FD' feature, the bank aims to add an extra layer of protection against such fraudulent activities.

Benefits for Vulnerable Customers

Axis Bank positions this feature as particularly beneficial for senior citizens and high-risk customers who may be more susceptible to digital banking fraud. The additional security measure provides peace of mind to these customers, ensuring that their fixed deposits remain secure from unauthorized digital transactions.

Empowering Customers with Enhanced Security

Sameer Shetty, Group Executive - Digital Business at Axis Bank, emphasized the empowering aspect of this feature, stating that it allows customers to take proactive steps in safeguarding their deposits from unauthorized digital access.

Part of a Broader Cybersecurity Strategy

The introduction of 'Lock FD' is not an isolated effort but part of Axis Bank's broader strategy to enhance cybersecurity for its customers. It follows other security measures previously implemented by the bank, including an 'In-App Mobile OTP' feature that strengthens two-factor authentication for digital transactions.

Conclusion

As digital banking continues to evolve, so do the methods employed by cybercriminals. Axis Bank's 'Lock FD' feature represents a proactive approach to cybersecurity, balancing the convenience of digital banking with robust security measures. By requiring in-person verification for certain high-stakes transactions, the bank is setting a new standard in protecting its customers' assets in the digital age.

Axis Bank , one of India's leading private sector banks, has announced a significant change in its top management. Rajiv Anand, who served as the Whole-time Director designated as Deputy Managing Director, has retired from the bank effective August 3, 2025.

Retirement Details

According to the official communication from Axis Bank to the stock exchanges, Rajiv Anand (DIN: 02541753) has ceased to be the Whole-time Director of the bank with effect from the close of business hours on August 3, 2025. This retirement marks the end of Anand's tenure at one of India's prominent financial institutions.

Board's Acknowledgment

The Board of Directors and the management team of Axis Bank have formally acknowledged Anand's contributions to the bank over the years. In their statement, they expressed their appreciation for his service and extended their best wishes for his future endeavors.

Regulatory Compliance

The bank's announcement comes in compliance with Regulation 30 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015. This regulation requires listed entities to inform the stock exchanges about key managerial changes promptly.

Previous Intimation

It's worth noting that this retirement was not unexpected. Axis Bank had previously informed the exchanges about this impending change through a letter dated April 25, 2025, indicating that the succession plan was well in place.

Looking Ahead

As Rajiv Anand steps down from his role, the banking industry will be watching closely to see how Axis Bank manages this transition in its top leadership. The departure of a key executive often brings both challenges and opportunities for large financial institutions.

While the bank has not announced a successor in this communication, stakeholders will be keen to learn about any new appointments or internal promotions to fill this crucial position in the coming days.

Axis Bank continues to be a significant player in the Indian banking sector, and how it navigates this change in leadership will be of interest to investors, customers, and the broader financial community.