AOF in banking stands for Account Opening Form.
This form is used to open various types of accounts.
Types of Accounts AOF Applies To:
- Savings Account
- Current Account
- Term Deposits
Account Holders AOF Applies To:
The AOF isn't only for individuals. It's also required for non-individuals, such as:
- Sole Proprietorship Concerns
- Partnership Firms
- Hindu Undivided Families (HUFs)
- Trusts
- Associations
- Societies
- Clubs
- Companies
In summary, the AOF is a critical document for initiating a banking relationship, regardless of whether you're an individual or a more complex business entity.
