What is the syntax for INTRATE in Excel?

The syntax for INTRATE is: =INTRATE(settlement, maturity, investment, redemption, [basis])

What are common errors with INTRATE?

#NUM! if maturity <= settlement

What is INTRATE used for?

INTRATE calculates the interest rate for a fully invested security - one where you invest a lump sum and receive a larger amount at maturity. It's the annualized return on discount securities like T-bills, commercial paper, and CDs.

How is INTRATE different from DISC?

DISC calculates the discount rate (based on face value). INTRATE calculates the interest rate (based on investment amount). For a $98 investment returning $100: DISC = 2/100 = 2%, INTRATE = 2/98 = 2.04%. INTRATE gives true yield.

How do I annualize a short-term return with INTRATE?

INTRATE automatically annualizes based on the time between settlement and maturity. A 90-day investment of $10,000 returning $10,125: =INTRATE(settlement, maturity, 10000, 10125) gives the annualized rate, not just the 90-day return.

Financial

INTRATE Function in Excel

Q: What is the INTRATE function in Excel?

Returns the interest rate for a fully invested security.

Q: What are common errors with INTRATE?

#NUM! if maturity <= settlement

Q: What is INTRATE used for?

INTRATE calculates the interest rate for a fully invested security - one where you invest a lump sum and receive a larger amount at maturity. It's the annualized return on discount securities like T-bills, commercial paper, and CDs.

Q: How is INTRATE different from DISC?

DISC calculates the discount rate (based on face value). INTRATE calculates the interest rate (based on investment amount). For a $98 investment returning $100: DISC = 2/100 = 2%, INTRATE = 2/98 = 2.04%. INTRATE gives true yield.

Q: How do I annualize a short-term return with INTRATE?

INTRATE automatically annualizes based on the time between settlement and maturity. A 90-day investment of $10,000 returning $10,125: =INTRATE(settlement, maturity, 10000, 10125) gives the annualized rate, not just the 90-day return.

Returns the interest rate for a fully invested security.

Syntax

=INTRATE(settlement, maturity, investment, redemption, [basis])

Arguments

settlement (required): Settlement date
maturity (required): Maturity date
investment (required): Amount invested
redemption (required): Amount received at maturity
basis (optional): Day count basis

Examples

=INTRATE("2/15/2024", "5/15/2024", 1000000, 1014420) - Interest rate - Result: 0.0576

INTRATE 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 maturity <= settlement

Use cases

T-bill yield
Money market
Short-term investments

Frequently asked questions

What is INTRATE used for? INTRATE calculates the interest rate for a fully invested security - one where you invest a lump sum and receive a larger amount at maturity. It's the annualized return on discount securities like T-bills, commercial paper, and CDs.
How is INTRATE different from DISC? DISC calculates the discount rate (based on face value). INTRATE calculates the interest rate (based on investment amount). For a $98 investment returning $100: DISC = 2/100 = 2%, INTRATE = 2/98 = 2.04%. INTRATE gives true yield.
How do I annualize a short-term return with INTRATE? INTRATE automatically annualizes based on the time between settlement and maturity. A 90-day investment of $10,000 returning $10,125: =INTRATE(settlement, maturity, 10000, 10125) gives the annualized rate, not just the 90-day return.

Editorial review

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