The team which lost the final at Kensington Oval in Barbados on April 28 will pocket one million dollar while the two losing semi-finalists will receive 450,000 dollar.
Fifth to eighth-placed teams, determined by the outcome of the Super Eight phase of the mega event, earn 200,000, 150,000, 100,000 and 50,000 dollars respectively, the ICC said.
During the 24 Group Stage games, the victorious team in each match will receive 10,000 dollars while the losers get 5,000 dollars.
All Man-of-the-Match winners, as well as the prestigious Man-of-the-Tournament player, will be presented with exclusively designed crystal ware.
Each member of the champion and runner-up team will also receive gold and silver medallions respectively.