A) Monthly Fellowship
All selected students (non-sponsored) will get a monthly fellowship of Rs. 16,000 during the first two years which is incremented to Rs. 19,000 per month for the third and fourth years of the programme. A contingency amount of Rs. 35,000 per annum is provided to each student for the period of four years. PGDFM graduates from IIFM selected for the fellow programme get financial assistance and contingency grant for three years.
This assistance is not available to the sponsored candidates. In case of candidates who get a salary from a sponsor, if the salary is less than the prescribed monthly fellowship, then the difference can be made good from fellowship provisions.
B) Contingency Grant
The students would also be provided (on reimbursable basis) with a contingency grant up to Rs. 35,000/- per year for all the four years (three years for IIFM graduates) for purchasing relevant books, journals, stationery, computer accessories, academic tour and travels, xeroxing expenses, (including attending conferences other than two National and one International conference, registration fees for the conferences) and boarding and lodging expenses as per rules. The unspent amount of the contingency grant in any year may be carried forward till the end of the fourth year.
The students cannot take any other financial benefits from IIFM, like from research projects from centers of the IIFM or from outside.
The student is required to sign a surety bond and agreement with the IIFM that if he/she discontinues the Fellow programme for any reason, then the entire amount of fellowship and contingency amount received shall be refunded by them.
Hostel and Alumni Membership Fees
The students will be required to pay hostel rent, mess charges (at actuals) and alumni membership as decided by the IIFM from time to time.