Payment date is the date on which a declared stock dividend, mutual fund distribution or bond interest payment is scheduled to be paid. Normally, issuing companies will send the cheque to investors by post. Hence, payment date or payable date is the date that issuing companies will send out the cheque and it is not the date that the investors receive the cheque. Besides, it is only investors that successfully traded on ex-date and complete the buy order on record date are eligible to entitle for dividend payment on payment date. For muual fund distribution payment date, sometime, it is also referred as distribution date.