Jio BlackRock Liquid Fund: Can you redeem or withdraw money instantly like a savings bank account?

Liquid funds offered by mutual fund asset management companies (AMCs) are often seen as alternative to savings bank account. This is because they come with low to moderate risks while typically offering a higher return than savings account.

However, when it comes to redemption or withdrawal, not all liquid funds allow you to withdraw or redeem your funds instantly. In contrast, you can withdraw or transfer funds from a savings account at anytime throughout the year.

What about Jio BlackRock Liquid Fund?

As per the Scheme Information Document (SID) of the Jio BlackRock Liquid Fund available on the website of the Association of Mutual Funds in India (AMFI), there are three key points about redemption from the find that you should know.

• Redemption can be done only on business days, which is usually Monday to Friday.

• Once you apply from redemption, the amount will not be transferred to your account instantly. Rather, it can take up to 3 business days for the redemption proceeds to be transferred to your linked account.

• If the AMC delays the redemption beyond three days then it will be liable to pay interest at the rate of 15% per annum to the investors.

"Redemption proceeds shall be transferred within 3 (three) business days from the date of redemption request. In case of delay beyond 3 (three) business days, the AMC shall be liable to pay interest to the investors at the rate of 15% per annum," the SID says.