The answer in plain English
Purchase, redemption and switch requests are different events. A purchase requires money to be available for use under the applicable rule. A switch combines a redemption leg and a subscription leg, so it should not be assumed to move all values instantly at the same displayed NAV. The day’s NAV is normally determined after valuation, not chosen from a live intraday price.
What to check
- Confirm the scheme category and whether the request is purchase, redemption or switch.
- Record when the authorised recipient receives a valid request and when funds are usable.
- Check business days and the provider’s operational deadline.
- Read newer notices for exceptions rather than applying one old FAQ line to every scheme.
A useful comparison
| Transaction | Common published reference | Important qualification |
|---|---|---|
| Ordinary scheme purchase | 3 p.m. | Valid receipt and funds availability are both relevant |
| Liquid/overnight purchase | Special earlier cut-off / NAV rules | Check the exact AMC’s current implementation |
| Ordinary redemption | Generally 3 p.m. | Receipt, business-day and category rules apply |
| Online overnight redemption | 7 p.m. under the effective rule | Qualifying authenticated online route; other modes differ |
Make the distinction clear
Illustration: sending an instruction at 2:50 p.m. does not establish same-day purchase NAV if usable funds arrive after the relevant deadline. For HDFC Overnight Fund, the cited addendum introduced a 7 p.m. authenticated online-redemption cut-off from 1 June 2025. That exception is not a universal 7 p.m. purchase deadline. Verify the transaction confirmation for the NAV actually applied.
One final question before acting
Does the figure or document match the exact scheme, plan, option, period and purpose in your question? Keep the source date with the answer. For a real transaction or personal decision, the current scheme documents and your own records take priority over a saved educational example.