The question was, which option.
Take the money and run! in my opinion. Grab that cheque and leave with it otherwise it will take months to have it credited to your homeland bank. You will likely receive multiple emails regarding YOU not giving them the correct information in the meantime. By the way, the fact that the Provident scoundrels require a month to disperse the funds to a foreign bank, is another example of how you are being cheated.
If you choose to deposit it in a Dubai bank and you have left Dubai but still hold that account then there are certain risks with that option.
The banks in Dubai are not exactly obligated to give you access if they discover you have left.
As an aside, the Provident Fund is a joke. Yes, it's a forced savings plan which is a good concept but their limited options for investments and their available currencies are so limited, it explains what they are doing to you. Imagine running the Provident Fund, with an obligatory injection of 3K dhs each month from 3000 pilots, matched by EK. How could anyone go wrong managing that Fund? So you are in charge of 20 available Mutual Funds managed by supposedly wise people in finance, yet historically the Provident Fund gives returns of 2% per annum. Hilarious.
Don't believe some fellow pilot who declare they obtain 15% per annum or even higher. They are uneducated fools for sure. Investigate the returns for each fund and even if you manage to change your allocation at the most advantageous time, you will never achieve such results. In fact, the Provident Fund basically lies by showing Rates of Return (ROR) erroneously. They show it not as annually, but cumulatively. In other words, look at that number at the bottom and it might say 54% ROR but that is a lie. Honestly look at your contributions and EK's contributions, take the time frame and then google a ROR calculator on the internet. It's shocking when you realize the truth.
Historically the Provident Fund has given about a 2% ROR on each fund. Now take into consideration that they have a confirmed contribution amount to a very limited amount of funds...... so how is it possible that they defy not only the Markets but common sense. In other words, they don't even match Market performance.
After 15 years of slavery, you will be receive about 150K more than if Emirates did not have the Provident FUnd. In other words, EOSB in the UAE aren't that far off from the Prov Fund. Look into it, it's a magical deception.
EOSB benefits are what the country had to give to people by Law. The Provident Fund is what Emirates presents to their employees who don't know any better. It seems fantastic but it's only marginally better.
Not that the Provident Fund is a bad thing but it's not such a good thing as most people believe.