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ACCRINTM Function

Excel 2007+

Summary

The ACCRINTM function calculates accrued interest for securities that pay interest at maturity, such as zero-coupon bonds or discount notes. It determines the interest earned from issue date to settlement date based on the specified coupon rate and day count convention.

Syntax

ACCRINTM(issue, settlement, rate, par, [basis])

Parameters

Parameter	Type	Required	Description
issue	`Date`	Yes	The security's issue date. Enter using DATE function.
settlement	`Date`	Yes	The security's maturity date.
rate	`Number`	Yes	Annual coupon rate (as decimal).
par	`Number`	Yes	Par value. Defaults to 1000 if omitted.
basis	`Number`	No	Day count basis (0=30/360 US, 1=Actual/actual, 2=Actual/360, 3=Actual/365, 4=30/360 European)

Using the ACCRINTM Function

ACCRINTM is vital for bond traders and financial analysts working with securities that pay all interest at maturity. Use it to price discount instruments or calculate accrued interest between issue and redemption dates using industry-standard day count conventions.

Common ACCRINTM Examples

Basic Accrued Interest Calculation

=ACCRINTM(DATE(2008,5,23),DATE(2008,7,28),0.1,1000,3)

Calculates $20.55 accrued interest for a 10% coupon security maturing in 66 days using Actual/365 basis.

Using Cell References

=ACCRINTM(A2,A3,A4,A5,A6)

References table data: issue date (39539), maturity (39614), 10% rate, $1000 par, basis 3. Returns 20.54794521.

Frequently Asked Questions

ACCRINTM defaults to $1,000 par value automatically.

Excel requires proper date serial numbers. Text dates cause #VALUE! errors.

Use basis 1 (Actual/actual) for most US government securities.

Common Errors and Solutions

#NUM! error

Cause: Rate or par ≤ 0, basis <0 or >4, or issue ≥ settlement

Solution: Verify all numeric values are positive and dates are in correct order

#VALUE! error

Cause: Issue or settlement not valid Excel dates

Solution: Use DATE(year,month,day) function instead of text dates

Notes

Formula: ACCRINTM = par × rate × (accrued days / year basis)
Excel stores dates as serial numbers (Jan 1, 1900 = 1)
Always use DATE() function for reliable date inputs
Issue date must be before settlement date

Compatibility

Available in: Excel 2007, Excel 2010, Excel 2013, Excel 2016, Excel 2019, Excel 2021, Microsoft 365

Not available in: Excel 2003 and earlier

Content last reviewed: December 9, 2025
Update frequency: As needed
Excel versions tested: Excel 2007+