But the problem is that the time is getting slower and slower.Have anyone come across this problem while using this device or its better to use some other RTC?.Or am I doing something wrong.
I am very frequently reading the registers of the RTC(once every 1 millisec)...is this the cause for the problem.

Hallo Raj,

this could cause the problem! I have heard sometimes, that reading a RTC quite often causes loss of precision of time base. So, try to read it less often, or use another chip.

By the way, can you specify the loss of precision? May be the drift is normal?

Kai