Place milk in a large saucepan over medium heat. Stir occasionally to prevent it from sticking to the bottom of the pan.
Once the milk starts to boil, reduce the heat and allow it to simmer for 2-3 minutes.
Add condensed milk and stir continuously until it is fully incorporated.
Add more or less depending on the level of sweetness you like.
Simmer for about 2 minutes.
Add paneer. Stir gently and allow the mixture to simmer for about 8-10 minutes or until the mixture starts to thicken.
Add saffron milk and cardamom. Stir. Simmer for another 2-3 minutes.
Remove from heat and allow rabdi to cool slightly.
Refrigerate for at least 1-2 hours for chilled rabdi.
Garnish with almonds, pistachios, saffron strands and rose petals.
Serve rabdi on its own or with jalebi, gulab jamun or malpua.