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N.K.Assumi (Advocate)     14 August 2009

Working out the rate of interest in Motor Accident case:

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.



Learning

 4 Replies

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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