An analytical method to estimate the coupled frequencies of the circular plate submerged in fluid is developed using the finite Fourier-Bessel series expansion and Rayleigh-Ritz method. To verify the validity of the analytical method developed, finite element method is used and the frequency comparisons between them are found to be in good agreement. For the perforated plate submerged in fluid, it is almost impossible to develop a finite element model due to the necessity of the fine meshing of the plate and the fluid at the same time. This necessitates the use of solid plate with equivalent material properties. Unfortunately the effective elastic constants suggested by the ASME code are found to be not valid for the modal analysis. Therefore in this study the equivalent material properties of perforated plate are suggested by performing several finite element analyses with respect to the ligament efficiencies.