For all schemes, including liquid and overnight funds, the same before/after 3:00 PM rule applies. Redeem before 3:00 PM on a working day, and you get that same day’s NAV. Redeem after 3:00 PM, and you get the next working day’s NAV.

Once your redemption is processed, the actual payout timeline depends on the scheme type. For liquid and overnight funds, the amount is credited to your bank account one working day after the transaction (T+1). For equity schemes, it takes two working days after the transaction (T+2).

For example, if you redeem a liquid fund on Wednesday before 3:00 PM, you get Wednesday’s NAV, and the amount reaches your bank account by Thursday. If you redeem an equity fund on Wednesday before 3:00 PM, you get Wednesday’s NAV, but the amount reaches your account only by Friday.