Quick Navigation
INTRATE Function
Summary
The Excel INTRATE function calculates the interest rate for a fully invested security, such as a bond or treasury bill, based on settlement date, maturity date, initial investment amount, and redemption value. Essential for fixed income analysis and security valuation.
Syntax
INTRATE(settlement, maturity, investment, redemption, [basis])Parameters
| Parameter | Type | Required | Description |
|---|---|---|---|
| settlement | Date |
Yes | Security settlement date (post-issue trading date) |
| maturity | Date |
Yes | Security expiration date |
| investment | Number |
Yes | Initial investment amount |
| redemption | Number |
Yes | Maturity redemption value |
| basis | Number |
No | Optional day count method |
Using the INTRATE Function
INTRATE determines the annualized interest rate earned on a fully invested security from settlement to maturity. Use it to analyze treasury bills, commercial paper, or discount bonds where the full face value is invested upfront and redeemed at maturity.
Common INTRATE Examples
Basic Bond Interest Rate
=INTRATE(DATE(2008,2,15), DATE(2008,5,15), 1000000, 1014420, 2)Calculates 5.77% interest rate for $1M investment maturing in 3 months using Actual/360 basis.
Treasury Bill Analysis
=INTRATE(A2, B2, C2, D2)Analyzes T-bill from settlement date (A2), maturity (B2), price paid (C2), face value (D2).
30/360 European Basis
=INTRATE(DATE(2023,1,1), DATE(2023,12,31), 950000, 1000000, 4)Calculates rate for 950K investment using European 30/360 convention.
Frequently Asked Questions
Common Errors and Solutions
#VALUE!
Cause: Invalid date for settlement or maturity
Solution: Use DATE(year,month,day) function instead of text dates
#NUM!
Cause: Investment or redemption ≤ 0
Solution: Ensure both amounts are positive
#NUM!
Cause: Settlement ≥ maturity
Solution: Verify dates are in correct chronological order
#NUM!
Cause: Basis < 0 or > 4
Solution: Use valid basis values (0-4)
#NUM!
Cause: Invalid basis argument
Solution: Omit for default (0) or use 0,1,2,3,4
Notes
- Always use DATE() function for date arguments
- Investment and redemption must be > 0
- Settlement must be before maturity
- Result is decimal (format as % to display properly)
- Excel truncates dates and basis to integers
Compatibility
Available in: Excel 2007, Excel 2010, Excel 2013, Excel 2016, Excel 2019, Excel 2021, Microsoft 365
Not available in: Excel 2003, Excel XP, Excel 2000, Excel 97
Content last reviewed: December 9, 2025
Update frequency: As needed
Excel versions tested: Excel 2007+