The cut off time for different types of funds is as follows:
Investment (SIP & Lumpsum)
12:30 pm cut off - Liquid and Overnight funds
2 pm cut off- All other funds such as Equity funds, Debt funds (except liquid & overnight), Hybrid funds, Solution-oriented funds, Other funds (such as index funds, gold funds, fund of funds, etc).
You can refer to this FAQ to understand how (on which date) is the NAV allotted.
Redemption (and switch)
2 pm cut off - All funds such as Equity funds, Debt funds (including liquid & overnight), Hybrid funds, Solution-oriented funds, Other funds (such as index funds, gold funds, fund of funds, etc).
If the redemption request is placed before the cut off time, the NAV allotted is for the same business day, else for the next business day.
Notes:
1. All Saturdays and Sundays are non-business days for the MF companies.
2. If you make the investment/redemption on a non-business day, irrespective of the cut-off, the transactions will only get sent for processing on the next business day.
3. NAVs are published daily by the MF companies by end of the day. So there's no way of knowing the NAV before the investment is made.