I am a partner in the registered partnership firm.
The firm has a Fixed Deposit of 25.00 lacs with a nationalized bank.
The fixed deposit is more than 20 years old.
The FD has been auto-renewed by the bank from time to time.
Now I want to withdraw it. The partnership deed of the firm authorizes me to operate the bank account.
The bank manager is insisting upon the KYC of all the partners of the firm.
I want to know if the manager is justified in asking KYC of all partners whereas the deposit is in the name of the Firm and I am the authorized signatory of the firm..