Quick Navigation
ACCRINT Function
Summary
The Excel ACCRINT function calculates the accrued interest for securities that pay periodic interest, such as bonds or treasury notes. It accounts for different day count conventions and payment frequencies to provide precise interest calculations between issue and settlement dates.
Syntax
ACCRINT(issue, first_interest, settlement, rate, par, frequency, [basis], [calc_method])Parameters
| Parameter | Type | Required | Description |
|---|---|---|---|
| issue | Date |
Yes | Security's issue date. Use DATE function for proper date entry. |
| first_interest | Date |
Yes | Security's first interest payment date. |
| settlement | Date |
Yes | Date security is traded to buyer (after issue date). |
| rate | Number |
Yes | Annual coupon rate of the security. |
| par | Number |
Yes | Security's par value. Defaults to $1,000 if omitted. |
| frequency | Number |
Yes | Coupon payments per year (1=annual, 2=semiannual, 4=quarterly). |
| basis | Number |
No | Day count basis (0=30/360 US, 1=Actual/actual, 2=Actual/360, 3=Actual/365, 4=30/360 European). Defaults to 0. |
| calc_method | Boolean |
No | TRUE=total interest from issue to settlement (default), FALSE=from first_interest to settlement. |
Using the ACCRINT Function
ACCRINT is vital for financial analysts working with fixed income securities. Use it to calculate the interest that has accumulated on a bond from its issue date (or first interest date) up to the settlement date when it's traded. This function handles complex day count conventions used in different markets.
Common ACCRINT Examples
Basic Treasury Bond Accrued Interest
=ACCRINT(DATE(2008,2,15),DATE(2008,8,15),DATE(2008,3,15),0.1,1000,2,0)Calculates semiannual bond accrued interest using 30/360 basis. Returns approximately 16.67.
Actual/Actual Day Count
=ACCRINT(DATE(2008,3,5),DATE(2008,8,15),DATE(2008,3,15),0.1,1000,2,1,FALSE)Uses actual/actual basis and calculates from first interest date only. Returns approximately 15.56.
European 30/360 Convention
=ACCRINT(DATE(2008,4,5),DATE(2008,8,15),DATE(2008,3,15),0.1,1000,2,4,TRUE)European market convention calculating total interest from issue. Returns approximately 7.22.
Frequently Asked Questions
Common Errors and Solutions
#VALUE!
Cause: Invalid date values for issue, first_interest, or settlement
Solution: Use DATE(year,month,day) function or ensure cells contain valid dates
#NUM!
Cause: rate ≤ 0, par ≤ 0, invalid frequency, basis <0 or >4, or issue ≥ settlement
Solution: Verify all numeric parameters are valid and dates are in correct sequence
#NUM!
Cause: Frequency not 1, 2, or 4
Solution: Use only 1=annual, 2=semiannual, 4=quarterly
Notes
- Dates stored as serial numbers (Jan 1, 1900 = 1)
- Issue date must be before settlement date
- Par value defaults to $1,000 if omitted
- Function truncates dates, frequency, and basis to integers
- Ideal for US Treasury bonds, corporate bonds, and municipal securities
Compatibility
Available in: Excel 2007, Excel 2010, Excel 2013, Excel 2016, Excel 2019, Excel 2021, Excel 365
Not available in: Excel 2003, Earlier versions
Content last reviewed: December 9, 2025
Update frequency: As needed
Excel versions tested: Excel 2007+