Current Affairs · Banking Innovations
Regarding Axis Bank's 'Lock FD' feature, which of the following statements is/are correct? 1. Axis Bank introduced the Lock FD feature as a digital protection mechanism to secure customers' Fixed Deposits (FDs) against unauthorized online withdrawals and digital fraud. 2. The digital platform prohibits early online withdrawals, whereas offline withdrawals are permitted only in accordance with standard banking procedures and verified customer authentication. 3. The feature is aimed at enhancing safety for term deposit holders, especially in light of rising digital banking frauds, and can be activated by customers digitally through the bank's platforms.
Verified Solution4 OptionsUpdated: October 2026👁️1 View
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