Payment of the sum for the time being due on a savings certificate held by or on behalf of a minor may be made--

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(a) to him personally, if he himself applied for the savings certificate, or

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(b) for the use of the minor, if the application for the savings certificate was made by any person other than the minor,--

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(i) to any such person, being a parent of the minor or guardian of his property, as may be specified in that behalf in the form of application;

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(ii) if no such person has been specified, to any guardian of the property of the minor appointed by a competent court, or where no such guardian has been so appointed, to either parent of the minor, or where neither parent is alive, to any other guardian of the minor.

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All subscription made under section 4 shall bear interest at such rate as may be notified by the Central Government in the Official Gazette, from time to time, and the interest shall be calculated in such manner as may be specified in the Scheme.

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