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Let me come straight to the query.
I would advice you to invest the amount in Equity Shares for one year. This is bound to give better returns given the upturn in the economy.
For the duration of 2 years, I would advice you to splitting the money (half each) into Equity and Real Estate. As Real Estate has also bottomed out and is likely to give better returns over next two years.
Both the above suggested options shall give better returns over mutual funds, bank deposits and other conventional methods.
I hope the above helps...