F1 VISA stamped for 2 years - Renewal for OPT

[wingzero]

Hi All,

I am a grad student in ECE and joined in fall'14. I got F1 VISA stamped for 2 years instead of 5 years.
Probably because I got the VISA in Melbourne, Australia. (I am an Indian)

My current VISA expires in Aug'16 and I would like to know the chances of getting it renewed while I plan to visit India in December'15

I have the following queries,

1. What are the chances of getting a fresh VISA and how much time should I estimate for the entire procedure. Will two to four weeks suffice?
2. I plan to graduate by May'16. Will I be able to apply for OPT ?
3. If I am denied the fresh VISA that I plan to apply for in December. Can I still come back to USA to complete my masters degree or my current VISA is invalidated too?
4. If I do get OPT on my current VISA. Is travel back to India without an H1B VISA risky?
5. What are my options to get VISA extended for VISA interview?

Thanks in Advance.

[wingzero]

Also there is a name discrepancy in my passport and other documentations

My passport has the following name : First/Given name: ABC XYZ, Last name: (blanks)
VISA, I94, SSN, US driver license has First name : FNU, Last name: ABC XYZ

Will the above details excuse to get a new VISA stamped?

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