The applicable NAV is the Net Asset Value at which your units are bought (for a purchase) or sold (for a redemption). It is not always the NAV of the day you place the order — it depends on when your money reaches the clearing corporation and whether that happens before the fund's cut-off time. On the order screen, Rupeezy states this plainly: "NAV allotted when funds are realised at the clearing corporation."
This article explains how the applicable NAV is decided and lists the cut-off timings for lumpsum, SIP, and redemption orders.
What decides the applicable NAV?
When you place a lumpsum or SIP order on Rupeezy, your funds are transferred to the Indian Clearing Corporation (ICCL) through a payment aggregator. The NAV you get is based on the date and time ICCL receives (realises) your funds. This is true for both payment options offered on Rupeezy — UPI and Net Banking.
Two things together decide which day's NAV applies to your order:
- The type of fund — Liquid and Overnight funds follow different timings from Equity, Debt, Hybrid, and other funds.
- Your payment mode and the cut-off time — meeting the cut-off gets your funds realised sooner, which can mean an earlier NAV.
The cut-off time to invest in Liquid and Overnight schemes is 12:30 PM, while the cut-off for Equity and other funds is 2:00 PM when you pay via UPI. The full timings are below.
What are the cut-off timings for Equity, Debt, Hybrid and other (non-liquid) funds?
| Payment mode | Order type | Cut-off time | Applicable NAV |
|---|---|---|---|
| UPI | Lumpsum & SIP | 2:00 PM | T day |
| Net Banking (direct-settlement banks) | Lumpsum & SIP | 2:00 PM | T day |
| Net Banking (non-direct-settlement banks) | Lumpsum & SIP | Any time (12:00 AM – 11:59 PM) | T+1 day |
T day = today; T+1 day = the next business day.
What are the cut-off timings for Liquid and Overnight funds?
| Payment mode | Order type | Cut-off time | Applicable NAV |
|---|---|---|---|
| UPI | Lumpsum & SIP | 12:30 PM | T-1 day |
| Net Banking (direct-settlement banks) | Lumpsum & SIP | 12:30 PM | T-1 day |
| Net Banking (non-direct-settlement banks) | Lumpsum & SIP | Any time (12:00 AM – 11:59 PM) | T day |
T-1 day = the previous business day.
Net Banking payments from non-direct-settlement banks take an extra day to settle, so they are allotted a later NAV. To get your funds to the clearing corporation faster, pay by UPI or use a direct-settlement bank.
Which banks are direct-settlement and non-direct-settlement?
Direct-settlement banks — Net Banking payments settle the same day:
HDFC Bank · ICICI Bank · State Bank of India (SBI) · Axis Bank · Kotak Bank · Yes Bank · IDFC Bank · IndusInd Bank
Non-direct-settlement banks — Net Banking payments take an extra day to settle, so the applicable NAV is a day later (use UPI for faster settlement):
Allahabad Bank · Andhra Bank · AU Small Finance Bank · Bank of Baroda · Bank of India · Bank of Maharashtra · Canara Bank · Catholic Syrian Bank · Central Bank of India · City Union Bank · Corporation Bank · DCB · Deutsche Bank AG · Dhanalaxmi Bank · Equitas Small Finance Bank · Federal Bank · IDBI Bank · Indian Bank · Indian Overseas Bank · Jammu & Kashmir Bank · Karnataka Bank · Karur Vysya Bank · Punjab National Bank · South Indian Bank · Standard Chartered · SVC Co-operative Bank · Tamilnad Mercantile Bank · The Lakshmi Vilas Bank Limited · The Ratnakar Bank Limited (RBL) · The Saraswat Co-Operative Bank · UCO Bank · Union Bank of India
What is the cut-off time for redemptions?
The cut-off time for a redemption (sell) order is 3:00 PM. A redemption placed before the cut-off gets that day's (T day) NAV. Any exit load that applies is deducted from the redeemed amount — you can check a fund's exit load on its Scheme Detail page on Rupeezy. Your final redeemed amount can therefore vary based on the applicable NAV and the exit load. To understand this charge, see What is exit load?.
Things to keep in mind
- Rupeezy does not set the cut-off timings. They are decided by the payment aggregator and the exchange platform used for the investment. If your funds are reported after the cut-off, your order gets the next trading day's NAV.
- Because the NAV depends on realisation of funds, the same-day NAV is not guaranteed just because you placed the order early — the funds still have to reach the clearing corporation before the cut-off.
- Understanding the applicable NAV helps avoid the common confusion of expecting a same-day NAV when the cut-off was missed.
Frequently asked questions
Q. Can I receive the redemption amount in my secondary bank account?
While you can use multiple bank accounts to invest in mutual funds, the redemption amount is always sent to your primary bank account on Rupeezy.
Q. Does Rupeezy decide the cut-off timings of mutual funds?
No. Cut-off timings are set by the payment aggregator and the exchange platform Rupeezy uses for investments. If the payment aggregator reports your funds after the applicable cut-off time, you will be allotted the next trading day's NAV.