The redemption cycle depends on the type of fund. 

Each fund has a different settlement type that determines when the AMC will transfer money to the user to complete the redeeming process.

Even though unit allotment happens within a couple of days of placing the order (T+2),  the time taken by the AMC to credit the redemption payout to the investor is different and based on the type of the scheme.

Liquid funds -> T+1 days
Debt funds -> T+2 days
Equity funds -> T+3 days
International funds -> T+5 or more days 

where T is the date when the order was approved by the AMC.

Note: Most schemes follow the redemption cycle mentioned above. But there may be some schemes with a certain scheme type that may have a different redemption cycle.