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How to Track & Evaluate Mutual Fund Performance
In summary
Mutual fund NAV, or Net Asset Value, represents the per-unit value of a mutual fund scheme. It is generally calculated for each business day.
- NAV is calculated after the scheme’s underlying securities are valued.
- Mutual funds generally disclose the day’s NAV by 11 p.m.
- Fund of Funds have until 10 a.m. on the following day to disclose NAV.
- The standard cut-off time for most schemes is 3 p.m.
- Fund realisation also affects the NAV applicable to purchases.
- The Bajaj Broking website can help you access and invest in mutual fund schemes.
The NAV you see during the day is usually the previous business day’s disclosed NAV. The NAV used for your purchase or redemption can depend on when your application and funds are received.
What is NAV?
Net Asset Value is the per-unit value of a mutual fund scheme after accounting for its assets, liabilities, and accrued expenses.
The formula is:
NAV per unit = (Total value of assets − liabilities and accrued expenses) ÷ total outstanding units
A scheme’s assets may include shares, bonds, cash, accrued interest, and other permitted investments. Liabilities may include management charges, operating costs, and other amounts payable by the scheme.
NAV is not an intraday market price like a listed share price. Open-ended mutual fund NAVs are generally calculated once after the relevant markets close.
When is mutual fund NAV updated?
Mutual fund NAV is normally calculated after market hours on every applicable business day. The AMC values the scheme’s investments using the relevant closing prices and prescribed valuation rules.
The calculated NAV is subsequently published on the AMC and AMFI websites. It normally becomes available later that evening, although the exact publication time may differ for certain schemes.
The published NAV reflects the valuation for that business day. It does not become the previous day’s NAV merely because you see it after market hours.
NAV is generally not calculated on Saturdays, Sundays, or market holidays. A transaction submitted on a non-business day is normally taken up on the next applicable business day, subject to the scheme’s terms.
NAVs are declared after the end of each trading day in accordance with SEBI’s mutual fund framework.
What is the NAV cut-off time?
The NAV cut-off time is the deadline used to determine which business day’s NAV may apply to your purchase or redemption. Submitting an order before the cut-off does not always guarantee the same day’s NAV.
The following timings provide a general overview. You should check the latest Scheme Information Document because special conditions may apply.
| Transaction | General cut-off time | Important condition |
|---|---|---|
| Purchase in schemes other than liquid and overnight schemes | 3:00 PM | Valid request and full funds must be available before the cut-off |
| Purchase in liquid and overnight schemes | 1:30 PM | Special applicable-NAV rules apply |
| Redemption from most schemes | 3:00 PM | Valid request must reach the official acceptance point |
| Online redemption from overnight schemes | 7:00 PM | Revised timing applies from 1 June 2025 |
| Offline redemption from overnight schemes | 3:00 PM | Request must reach the acceptance point before the cut-off |
The revised overnight-scheme redemption rules distinguish between online and offline requests.
These cut-off times apply to eligible mutual fund schemes under the relevant rules. The Association of Mutual Funds in India is the industry association, while SEBI is the statutory regulator.
How is the applicable NAV determined?
The applicable NAV depends on whether the transaction is a purchase, redemption, or switch.
For a purchase in most schemes other than liquid and overnight funds, the same business day’s closing NAV generally applies only when:
- The valid transaction request is received before 3:00 PM.
- The full investment amount reaches the mutual fund before 3:00 PM.
- The money is available for use by the scheme.
If the money reaches the scheme after the cut-off, a later business day’s NAV may apply. This fund-realisation rule covers one-time purchases, Systematic Investment Plans, and lumpsum investments.
For redemptions, the applicable NAV mainly depends on when the valid request reaches the official acceptance point. A request received after the prescribed cut-off is generally processed using the next applicable business day’s NAV.
A switch is treated as two transactions. The switch-out follows redemption rules, while the switch-in follows purchase and fund-realisation rules.
Which NAV applies when you redeem in the evening?
A redemption request placed in the evening generally receives a later business day’s NAV because it is submitted after the applicable cut-off time.
For example, if you submit a valid redemption request for an equity fund after 3:00 PM on Monday, Tuesday’s applicable NAV will generally be used, provided Tuesday is a business day.
You will not know the exact redemption value while placing the order because that day’s NAV is calculated after market hours. Any applicable exit load is separate from NAV and reduces the redemption proceeds.
Overnight schemes have distinct redemption cut-off rules. Therefore, check the transaction channel, time, and current scheme documents before submitting an evening redemption.
How is NAV calculated?
An Asset Management Company calculates NAV by valuing the scheme’s investments, deducting liabilities and accrued expenses, and dividing the result by its outstanding units.
The following example is illustrative:
| Component | Amount (Rs.) |
|---|---|
| Total value of assets | 1,00,00,000 |
| Total liabilities and accrued expenses | 2,00,000 |
| Net assets | 98,00,000 |
| Outstanding units | 5,00,000 |
| NAV per unit | 19.60 |
In this example:
NAV = (Rs. 1,00,00,000 − Rs. 2,00,000) ÷ 5,00,000 = Rs. 19.60
The result represents the value of one of the scheme’s mutual fund units.
What factors affect NAV?
NAV changes when the net value of a scheme’s assets changes. Several factors can influence this value:
- Market movements: Changes in the prices of shares, bonds, and other securities affect portfolio value.
- Interest and dividends: Income received by the scheme can increase its assets.
- Scheme expenses: Management fees and operating expenses are reflected in the NAV.
- IDCW distributions: A payout reduces the scheme’s NAV by the distributed amount and applicable statutory levy, if any.
- Foreign-market movements: International funds may depend on prices, currencies, and market timings outside India.
Investor purchases and redemptions generally change both scheme assets and outstanding units. Therefore, these transactions do not, by themselves, produce an investment gain or loss for existing investors.
Should you buy at a lower or higher NAV?
A lower NAV does not make a mutual fund cheaper or more attractive. Similarly, a higher NAV does not mean that the scheme has become too expensive.
Suppose you invest Rs. 10,000 in two schemes:
- At an NAV of Rs. 10, you receive 1,000 units.
- At an NAV of Rs. 100, you receive 100 units.
If both schemes rise by 10%, each investment becomes Rs. 11,000. The number of units differs, but the percentage return remains the same.
AMFI also identifies the belief that a lower NAV is better as a common misconception.
Instead of comparing NAV levels, examine the scheme’s objective, portfolio, benchmark, expense ratio, historical consistency, and risk profile.
Should investors monitor NAV?
You should monitor NAV to understand the current value of your units, but NAV should not be your only basis for making an investment decision.
Historical NAV data can help calculate returns over a selected period. However, it must be reviewed alongside the scheme’s benchmark, risk, costs, portfolio, and investment objective.
You can obtain NAV information from:
- The AMC’s official website
- The AMFI website
- Account statements
- Registered mutual fund distributors
- The Bajaj Broking website
When reviewing mutual fund performance, avoid judging a scheme only by whether its NAV rose or fell over a short period.
How is NAV different from AUM?
NAV measures the value of one unit, while Assets Under Management, or AUM, represents the total net assets managed under a scheme.
The main differences are:
| Aspect | NAV | AUM |
|---|---|---|
| Meaning | Net Asset Value | Assets Under Management |
| Represents | Value of one unit | Total size of the scheme |
| Calculation | Net assets divided by outstanding units | Total net assets managed |
| Investor use | Calculates unit and transaction value | Shows scheme size |
| Higher value means | Nothing about fund quality by itself | A larger scheme, not necessarily better performance |
A higher AUM does not prove that a fund is safer, better managed, or more likely to produce higher returns.
Other mutual fund topics
Conclusion
Mutual fund NAV is generally calculated on business days and disclosed after the scheme’s assets have been valued. The 11 p.m. disclosure deadline and 3 p.m. transaction cut-off are useful reference points, but they serve different purposes. For purchases, fund realisation is also important when determining the applicable NAV.
Last reviewed: September 2026
Mutual funds are subject to market risk. Please read the scheme-related documents carefully before investing.
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Frequently Asked Questions
NAV calculation and update timings
At what time does NAV get updated?
NAV is calculated after the relevant markets close on each business day. It is normally published later that evening on the AMC and AMFI websites.
How do I get today's NAV of mutual funds?
You can check today’s NAV on the AMC website, AMFI website, the Bajaj Broking website, or your account statement after the updated NAV is published.
Can I get NAV on the same day?
Yes, subject to applicable rules. For most schemes, your valid request and purchase funds must reach the mutual fund before the prescribed cut-off time.
How much NAV is good in a mutual fund?
There is no ideal NAV. A higher or lower NAV does not indicate fund quality. Compare returns, risks, costs, portfolio, benchmark performance, and suitability instead.
Is NAV calculated daily?
Yes. NAV is generally calculated once on every applicable business day. It is usually not calculated on weekends, market holidays, or other non-business days.
Does the NAV cut-off time change on mutual fund holidays?
A holiday does not normally shift that day’s cut-off because no NAV is calculated. Transactions are generally processed on the next applicable business day.
Why can the NAV shown during the day differ from the final NAV?
The NAV displayed during market hours is usually the latest published NAV. The current business day’s final NAV is calculated after closing asset values become available.
Disclaimer
Bajaj Finance Limited ("BFL") is registered with the Association of Mutual Funds in India ("AMFI") as a distributor of third party Mutual Funds (shortly referred as 'Mutual Funds) with ARN No. 90319
BFL does NOT:
(i) provide investment advisory services in any manner or form.
(ii) carry customized/personalized suitability assessment.
(iii) carry independent research or analysis, including on any Mutual Fund schemes or other investments; and provide any guarantee of return on investment.
In addition to displaying the Mutual fund products of Asset Management Companies, some general information is sourced from third parties, is also displayed on As-is basis, which should NOT be construed as any solicitation or attempt to effect transactions in securities or the rendering any investment advice. Mutual Funds are subject to market risks, including loss of principal amount and Investor should read all Scheme/Offer related documents carefully. The NAV of units issued under the Schemes of mutual funds can go up or down depending on the factors and forces affecting capital markets and may also be affected by changes in the general level of interest rates. The NAV of the units issued under the scheme may be affected, inter-alia by changes in the interest rates, trading volumes, settlement periods, transfer procedures and performance of individual securities forming part of the Mutual Fund. The NAV will inter-alia be exposed to Price/Interest Rate Risk and Credit Risk. Past performance of any scheme of the Mutual fund do not indicate the future performance of the Schemes of the Mutual Fund. BFL shall not be responsible or liable for any loss or shortfall incurred by the investors. There may be other/better alternatives to the investment avenues displayed by BFL. Hence, the final investment decision shall at all times exclusively remain with the investor alone and BFL shall not be liable or responsible for any consequences thereof.
Investment by a person residing outside the territorial jurisdiction of India is not acceptable nor permitted.
Disclaimer on Risk-O-Meter:
Investors are advised before investing to evaluate a scheme not only on the basis of the Product labeling (including the Riskometer) but also on other quantitative and qualitative factors such as performance, portfolio, fund managers, asset manager, etc, and shall also consult their Professional advisors, if they are unsure about the suitability of the scheme before investing.
Disclosure: Bajaj Finance Limited (BFL) is a distributor of Mutual Funds with ARN - 90319 and distributes mutual funds of Bajaj Finserv Asset Management Limited (BFSAMC). BFL receives commission towards distribution of mutual fund products. BFSAMC is a group company of BFL, carrying business on arm’s length basis without any conflict of interest and in accordance with the prevailing law / regulation.
Disclaimer
Bajaj Finance Limited ("BFL") is an NBFC offering loans, deposits and third-party wealth management products.
The information BFL contained in this article is for general informational purposes only and does not constitute any financial advice. The content herein has been prepared by BFL on the basis of publicly available information, internal sources and other third-party sources believed to be reliable. However, BFL cannot guarantee the accuracy of such information, assure its completeness, or warrant such information will not be changed.
This information should not be relied upon as the sole basis for any investment decisions. Hence, User is advised to independently exercise diligence by verifying complete information, including by consulting independent financial experts, if any, and the investor shall be the sole owner of the decision taken, if any, about suitability of the same.
Disclaimer
Mutual Fund SIP calculator may provide potential investors an approximate estimate on the maturity amount of the monthly SIP, purely based on mathematical calculation of the projected annual return rate selected by investor. However, such calculation does not factor the actual performance by the Asset Management Company (AMC) and should not be treated as any advice or assurance about the actual return of investment. Mutual Funds do not have a fixed rate of return and it is not possible to predict the rate of return. Please note that the SIP calculator are for illustrations only and do not represent actual returns which may vary depending on various factors including but not limited to actual performance, expense ratio, taxation, exit load (if any), etc.