My father opened three MIS accounts in post office. Two of them in the year 2008 and once in 2010 respectively. Totaly value is approx 3 lacs combined and have been earning an interest @ 8 % per annum since then.
1) However as per the news reports on internet the interest rate was changed to 8.5 % w.e.f march 2012. So we are supposed to receive the additional interest per month which we are not from past one year? What action are we supposed to take against this so we receive the due interest?
2) I also learned that for a 5 year term deposit the interest rate was 8.3 %. Since when this came in effect?
3) Since the bonus has been removed w.e.f from 2013 are we still supposed to incur penalty (1 %) if we withdraw the amount before the maturity? the maturity is due this year as per new change to 5 year duration.
4) If we still are supposed to pay the penalty on premature withdrawal, can i save that by filing the legal heirs' settlement claim since my father died few months ago. In such case will there be any deduction?