N.K.Assumi (Advocate) 14 August 2009
Dear Hon'ble Members, In a motor accident claim case the Tribunal award Rs.300000/- (Rs.three lakh only) with interest of 8% from the date of institution of the case, that is 5 years. Can some of you help me how to work out the total interest of 5 years at 8 %? Thanking you all in advance.
Pankaj Rai (Lawyer) 15 August 2009
Dear sir, You may calculatate interest on awarded amount (300000/Rs) at the rate of 8% per annum from filing of petition till its realization.Thanks
yogi (student) 16 August 2009
I guess it is a simple interest.
Rashmi Desai (Advocate) 17 August 2009
It is simple interest @ 8% p.a. For 5 yrs you should get about 12,00,000/- int. on 30,00,000/- award, depending upon the date of filing and date of deposit.
Suri.Sravan Kumar (senior) 27 February 2010
Ur very lucky the Tribunal awarded you 8% interest.The Hon'ble Supreme Court has now lowered the rate to 6%. For claculating the rate u need not worry the Insurance Co will calculate and deposit the money in the court.
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