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Which day's NAV will be applicable for orders in Liquid Fund purchased on Friday?

If you place a purchase order before 1:30 PM, Sunday's NAV will be applicable*. If you place a redemption order on Friday before 1:30 PM on Friday, Friday's NAV will be applicable.

If you place a purchase or redemption order after 1:30 PM, Monday's NAV will be applicable for your purchase & redemption orders. (as orders will be executed on Monday)

*Note:

BSE Star MF (the backend on which Coin is built) is the intermediary between Zerodha & the AMCs. BSE ensures settlement of funds i.e transfers funds from Zerodha's account to the AMCs. 

The AMC cut-off time for liquid mutual funds in order for allotment to happen for the same day's NAV is 2 PM. If the order is placed before 2 PM and along with it, the necessary funds are given to the AMCs, then the Allotment happens at T-1 Day's NAV. If this happens after 2 PM then the allotment happens at T- Day NAV.

Since at Zerodha, we upload the orders to BSE Star MF by 3:00 PM, the allotment generally happens at T-Day's NAV. So, When you place a purchase order for a liquid fund on Friday on Coin, BSE Star MF gives the funds to AMC on Monday morning (as this is the next working day). Thus the NAV allotment in T-1 NAV which is Sunday.