Financial

ACCRINTM Function in Excel

Returns the accrued interest for a security that pays interest at maturity.

Syntax

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

Arguments

  • issue (required): Issue date
  • settlement (required): Maturity date
  • rate (required): Annual coupon rate
  • par (required): Par value
  • basis (optional): Day count basis

Examples

  • =ACCRINTM("4/1/2024", "6/15/2024", 0.1, 1000) - Accrued interest at maturity - Result: Interest amount

ACCRINTM modeling tips

  • Align rate and period units (annual rate ÷ 12 for monthly models).
  • Use consistent cash-flow signs (outflows negative, inflows positive).
  • Hub: [Financial functions guide](/guides/excel-financial-functions-guide/).

Common errors

  • #NUM! if settlement <= issue

Use cases

  • Zero-coupon bonds
  • T-bills
  • Money market

Frequently asked questions

  • What is ACCRINTM used for? ACCRINTM calculates accrued interest for securities that pay all interest at maturity (not periodic payments). This includes zero-coupon bonds, Treasury bills, and some money market instruments where interest accumulates until the end.
  • How is ACCRINTM different from ACCRINT? ACCRINT is for bonds with periodic coupon payments (semiannual, quarterly). ACCRINTM is for securities that pay interest only at maturity. Use ACCRINT for corporate/government bonds with coupons; use ACCRINTM for T-bills and zero-coupon instruments.
  • How do I calculate total return on a T-bill? Total interest at maturity = ACCRINTM(issue, maturity, rate, par). For a $10,000 T-bill at 5% for 90 days: =ACCRINTM(issue_date, maturity_date, 0.05, 10000). The result is the interest earned over the holding period.

Editorial review

  • Reviewed by Excel.Directory Editorial Team. Updated May 2026.