The cut-off time is the hour by which a purchase or redemption must reach the fund house for that day's NAV to apply.
Mutual fund units are bought and sold at the NAV worked out at the end of each business day. The cut-off time decides which day's NAV you get.
For purchases, the clock runs on when your money reaches the fund's bank account, not when you place the order. If you pay at 2 pm on Monday and the money arrives on Tuesday morning, you get Tuesday's NAV.
The same rules apply to every SIP instalment, switch and STP. If a SIP date falls on a holiday, the instalment is processed on the next business day.
For redemptions, the fund house must pay within three business days for most funds. Liquid funds usually pay the next business day.
Each fund page has its returns, risk, costs, managers and everything it holds.