The cut off time for redemption is slightly different than for investment (as per the latest guidelines). 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. 

Redemption (and switch) have the cut off time as 2 pm

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) follow this cut-off time for redemption.

If you wish to check by when the redeemed amount will get credited to your bank account, refer to this FAQ.