INTRATE Function in Excel: Interest Rate of a Fully Invested Security

INTRATE Function in Excel: Interest Rate of a Fully Invested Security featured illustration

📎 This article includes 1 downloadable practice file ↓

⏱ 2 min readUpdated 5 October 2026

FinancialLevel: ExpertAvailable in: Excel 2007+

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

INTRATE returns the annualised return when you invest an amount and receive a larger amount at maturity, with nothing in between.

Advertisement

Syntax

=INTRATE(settlement, maturity, investment, redemption, [basis])
Argument What it means
investment Amount paid.

Examples

Example 1

=INTRATE(DATE(2021,4,1), DATE(2022,4,1), 100000, 107000, 3)

About 7% a year.

INTRATE in practice

Where you will use it

  • Yield of a T-bill bought at a discount
  • Return on commercial paper
  • Money-market comparisons

Worked example

InvestRedeemFormulaResult
98200100000=TEXT(INTRATE(DATE(2026,10,1),DATE(2027,1,1),A2,B2,3),"0.00%")7.27%
96500100000=TEXT(INTRATE(DATE(2026,10,1),DATE(2027,1,1),A3,B3,3),"0.00%")14.39%
99000100000=TEXT(INTRATE(DATE(2026,10,1),DATE(2027,1,1),A4,B4,3),"0.00%")4.01%

Results calculated in Excel.

Mistakes people make

MistakeWhat to do instead
Basis3 = actual/365 for Indian money markets
CouponsINTRATE is for zero-coupon instruments

DISC · RRI

📚 Part of the free Excel course: Beginner → Expert · Try it in the Formula Lab or ask the AI Helper.

⚡ Interactive Practice Lab & Formula Tester:

Test formulas dynamically in our web formula laboratory or download the companion Excel workbook.

Continue learning

All Financial guides →
RECEIVED Function in Excel: Amount Received at MaturityFinancialLevel: ExpertAvailable in: Excel 2007+RECEIVED calculates what you get back at maturity for a…PDURATION Function in Excel: Years Needed to Reach a TargetPDURATION returns how many periods an investment needs to grow to a target at…NPER Function in Excel: How Many Payments Until Paid OffNPER returns the number of periods needed to repay a loan or reach a…PV Function in Excel: What a Future Amount Is Worth TodayPV returns today's value of future payments at a discount rate — how much…

📎 Practice files for this article

  • 📗
    Practice workbook: Financial: EMI, SIP, NPV, IRR, depreciation23 tasks on realistic sales data — type your formula, the Check column turns green when it is right. Answers sheet included.
    ⬇ XLSX · 35 KB

Free to use for learning. Files with macros (.bas) are plain text — import them with Alt+F11 → File → Import File, and always test on a copy.

✨ Ask AI about this article

Stuck on a step? Ask a question and the AI answers using this article.

Free · AI can be wrong