The winners of the ICC Champions Trophy, commencing on June 6, will pocket a prize money of USD 2 million while the runners-up will be richer by USD 1 million.
The total prize money of the 50-over event is worth USD 4 million and even the losing semi-finalists will get USD 400,000 each.
The ICC will be paying USD 100,000 to the two third-placed teams in each group.
The three venues for the tournament are Cardiff, Edgbaston and the Oval.
India will be playing their opening match of the tournament against South Africa in Cardiff on June 6.
The marquee match between India and Pakistan will be held in Birmingham on June 15. While India have never lost to Pakistan in a World Cup match, they haven't done too well against the arch-rivals in the mini World Cup.
"The world's eight top ranked ODI sides will go head-to-head, pitting the best versus the best. With 15 matches to be played at three world-class venues over 18 days, the intensity will be high and every match will count," ICC Chief Executive Dave Richardson told PTI from Dubai.
"The top players and teams seek success in global events. The Champions Trophy offers cricket followers in the United Kingdom a great opportunity to watch the best players in the world battle it out for one of cricket's major prizes," Richardson added.
According to tournament director Steve Elworthy, "The cultural diversity in the UK will mean that all teams will have huge local support from passionate fans and we hope this will create a wonderful atmosphere within the grounds."
In what will be the last edition of the tournament, Australia, New Zealand, Sri Lanka and hosts England are clubbed in group A while group B has India, Pakistan, South Africa and West Indies.