Retired — rbi saving(taxable) bonds, 2003 purchased through icici bank

Address:

Gurgaon, Haryana, 122011

I had purchased RBI Bonds 2003 for Rs.20, 00, 000.00 on Cummulative interest basis. As is the normal practice followed by all Financial Companies, both in Public as well as private sector, the accrued interest for each financial year is calculatedand, if the same exceeds Rs.10, 000.00, TDS is deducted and details uploaded on 26AS and form16A issued to the depositor. At the time of maturity, the principal amount + interest less TDS paid, is returned to the depositor.
In the present case, the ICICI Bank has informed that they will pay the total cummulative proceeds including the principal & interest for 6 years(treating the total interest for six years as income for ONE year-year when the bonds mature) and deduct income tax at applicable rates. IN MY CASE, THE TOTAL INTEREST FOR 6 YEARS WORKS OUT TO 12, 02, 000.00 and if tax, at present rates is charged treating total income for 1 year, the same WILL WORK OUT TO Rs.3, 60, 600.00+ Cess. WHAT DO I EARN IN 6 YEARS. I HAVE BEEN WRITING TO THEM FOR CALCULATING ACCRUED INTEREST EVERY YEAR & DEDUCT TDS, BUT TO NA AVAIL? WHAT SHOULD I DO?