New Delhi, April 22 -- Among the safest investment tools in India, bank deposits and the government's Senior Citizen Savings Scheme (SCSS) are the preferred choice for retired investors seeking steady payouts and guaranteed returns.

FDs are great financial tools for saving toward specific goals and can be automated so that deductions from your bank account ensure a neat, fixed amount is set aside each month. At the end of tenure, ranging from 7 days to up to 10 years, you can choose to have the principal and interest deposited into your account or renewed as another FD, if the rates are appealing to you.

For senior citizens (60 years and older) in particular, almost all banks offer slightly higher interest rates across tenors when compa...