If you transfer at batches of 60,000 to FFP , .marriot gives 5000 bonus except for few FFP like Aviance, AA
So with current bonus 1.38 lakhs MR would give approx 1.8L Marriot points
And if you transfer it to VS it CX or Qatar or BA avios and other FFP in batches of 60k
You would get 75k miles for total of 1.8L MB which was redeemed against 1.38L MR
That makes RR to 0.54 against Amex own RR of 0.5% to FFP
And if you are transferring it to United , Marriot gives 10k bonus for every 60k transferred that would be 90k United Miles for 1.8L MB against 1.38L Amex MR that would give 0.65 RR