What does mutual fund cut-off time mean?

Mutual fund cut-off time is the deadline by which an investment or redemption request must be submitted to receive that day's Net Asset Value (NAV). Transactions submitted after this time are processed using the next business day's NAV. The cut-off time varies by fund type; for example, it is typically 1:30 p.m. for liquid funds and 3:00 p.m. for equity and debt funds. For the same-day NAV, the money must also reach the fund house by the cut-off time.