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Since ur time horizo is 3 to 5 years, put 1L as lumpsum and odr 1L in sweeper fd. Invest as sip 4k in mf every month from tat fd
FD
You can try for debt funds, govt. securities/bonds.
But I would say 8% on FD is not bad at all.
Equities/MF would be a risky bet. I doubt it’ll give any significant return in the next 2 years. Another thing you can try is to look for opportunities in equities where you can buy low and sell high in positional trades.
Go for aggressive hybrid funds in volatile mkts