Dear Forum Members,
A few weeks ago I had started this thread, And got suggestions from the members of this forum.
This problem was related to the Time inaccuracy from the RTC Chip.
After that we did a lot of experiments on the RTC, and had a lot of technical discussions with the Manufacturers of this RTC Chip.
I wont go into details of that, but I will give some information which will help a lot of people.(I Hope)

The RTC chip was read in the main loop, which is being executed at about 70-80 times per SECOND.
We changed this RTC reading rate to about 4 times per MINUTE, and the RTC chip gave excellent accuracy.
We got a reply from the Technical people of the RTC Chip manufacturers, that due to high rate of reading the RTC, the crystal clock circuit was introducing some extra pulses which gave rise to this inaccuracy.
And this fact is not mentioned in the data sheets.
HENCE, WHENEVER YOU USE THE RTC, AND IF YOU FACE INACCURACY PROBLEM, YOU CAN TRY BY REDUCING THE RATE OF READING THE RTC.

I Have written in Capital letters just to highlight the point ... and not for Shouting.

Anyways, Many thanks to all of the members of this forum for the suggestions and replies.

Kiran V. Sutar