Take stock funds as an example. If an investor goes to the bank to apply for redemption of the fund at 3pm on a certain day (suppose it is T-Day), the bank will submit the application to the fund company before it closes (if it is submitted after 3pm, it will be submitted to the fund company the next day). The fund management company will calculate the market value of the stock on the day after the market closes, and then calculate each fund share according to the share of the whole fund after all the subscription and redemption shares are offset. After the data is calculated, the relevant data will be sent to China Registration and Clearing Corporation and custodian bank for review the next day. After verification by these two institutions, the confirmation will be fed back to the fund management company, and then the fund company will transfer the funds in the securities account to the custodian bank on the third day. After receiving and confirming, the custodian bank will transfer the funds to the bank where investors buy and sell funds that night or the next day, and this bank will eventually transfer the funds to the investor's account that day or the next day. Therefore, in theory, it usually takes 5 to 7 working days for the entire redemption fund to arrive.