FVSCHEDULE Function in Excel: Growth at Changing Rates

FVSCHEDULE Function in Excel: Growth at Changing Rates featured illustration

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⏱ 2 min readUpdated 5 October 2026

FinancialLevel: ExpertAvailable in: Excel 2007+

In this article
  1. Syntax
  2. Examples
  3. Example 1
  4. FVSCHEDULE in practice
  5. Where you will use it
  6. Worked example
  7. Mistakes people make
  8. Related functions
  9. Continue learning

FVSCHEDULE compounds an amount through a list of different rates — FD renewals, varying annual returns.

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Syntax

=FVSCHEDULE(principal, schedule)
Argument What it means
schedule Range or array of rates.

Examples

Example 1

=FVSCHEDULE(100000, {8%,9%,7%})

About ₹1,25,960 after three years.

FVSCHEDULE in practice

Where you will use it

  • Value after years of different rates
  • Returns of a fund year by year
  • FD rollovers at changing rates

Worked example

Four years at 7%, 6.5%, 7.2% and 6.8%.

StartFormulaResult
100000=ROUND(FVSCHEDULE(A2,{0.07,0.065,0.072,0.068}),0)130467
50000=ROUND(FVSCHEDULE(A3,{0.07,0.065,0.072,0.068}),0)65233
1000=ROUND(FVSCHEDULE(A4,{0.07,0.065,0.072,0.068}),0)1305

Results calculated in Excel.

Mistakes people make

MistakeWhat to do instead
Rates as whole numbersUse 0.07, not 7
Regular depositsFVSCHEDULE handles a single lump sum

FV · GEOMEAN

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