The contracts would be reviewed on September 30 next year, BCCI president Jagmohan Dalmiya told reporters after a meeting of the Board's gradation committee.
The 17 players have been divided into three pools as follows:-
Group A: Sourav Ganguly, Rahul Dravid, Sachin Tendulkar, Anil Kumble, VVS Laxman, Virender Sehwag and Harbhajan Singh.
Group B: Yuvraj Singh, Mohammad Kaif, Zaheer Khan, Irfan Pathan, Ashish Nehra, Ajit Agarkar, Laxmipathy Balaji.
Group C: Parthiv Patel, Aakash Chopra and Murali Kartik.
Dalmiya said players in Group A would receive a retainership of Rs 50 lakh each, those in Group B Rs 35 lakh while Group C players would get Rs 20 lakh.
"In addition, the contracted players as well as any other player selected to play for a series will be paid a match fee," he said.
The match fees for a Test at home would be Rs two lakh while that for a One-day International it would be Rs 1.60 lakh. For a Test match abroad, the players would get Rs 2.40 lakh and for an ODI Rs 1.85 lakh, Dalmiya said.
A player would continue to receive the retainership fee even if he is injured or becomes ill as a result of playing or training for the country and is rendered unavailable for selection, he said.