The clearing and settlement cycle in Mutual Funds is different for debt funds and non-debt funds. In case of debt funds, the settlement cycle is T+1 Days while in case of other than debt fund is T+3 days. The cutoff time for placing the order is 3 PM for all the funds except for liquid fund which is 2 PM.
For complete details, read here: https://www.fincash.com/l/guide/clearing-settlement-cycle-mutual-funds
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