What do I do with my money?
Hi everyone
I've lived with my parents in UAE for majority of my life, and so after getting a job, I managed to save up a lot of money while I lived with them. They're retired not too long ago and went back to India since UAE does not give permanent residency or citizenship.
I have ~500k AED (~1.3 Cr in INR) in savings atm. When I started working, INR was in a better position than today and Indian banks were offering pretty decent rates for Fixed Deposits (FD). So I kept sending the money back to India and putting it in FDs. I did the math recently, and considering inflation and value of INR going down (compared to AED at least), if I was to transfer all of my money back to UAE, best case scenario, I'll be getting the same amount of money back (since Dubai is also not immune to inflation).
It only makes sense now to keep the money in India if I was planning on using it only in India. Since I don't plan on leaving Dubai anytime soon (🤞), I think if would make more sense to transfer majority of my money back to Dubai, and at the very least keep it on FD here. And even if I were to go back to India in the future, I would probably be in a better position by getting the 4-6% FD Interest and converting to INR when I move back (considering India's exchange rate).
What do you guys think? What do you guys do with such lump sum money? I don't want to invest in something massive like property and have my entire savings in a single bowl.
I'm not too financially literate when it comes to this so I could use any advice on if there's a better way to get more ROI than what UAE banks offer in FDs? If anyone in UAE (or even outside of UAE) has better options/advice that you can share with me, I would really appreciate it!
Thanks in advance.