New Delhi, May 9 -- For many retired individuals, ensuring a steady flow of income becomes a key financial priority after exiting the workforce. Two of the most popular fixed income options for senior citizens are bank fixed deposits (FDs) and the Senior Citizens' Savings Scheme (SCSS).

While both investment options offer regular interest payouts, they differ in terms of interest rates, payout structure, tenure and cap on contribution, among others. Several major lenders in India and small finance banks currently offer competitive senior citizen FD rates.

However, for retirees without an active source of income, the question arises as to whether the regular payouts from FDs can match or exceed the income generated through SCSS, which is...