The Indian School of Business, ranked in the top 12 global B-schools by the Financial Times, has increased its tuition fee to Rs 15.3 lakh (Rs 1.53 million) per annum -- Rs 80,000 more than Rs 14.5 lakh (Rs 1.45 million) it charged last year.
The non-refundable fee remained at Rs 200,000.
It was only a couple of days earlier that the premier Indian Institutes of Management announced an increase in fees ranging from Rs 100,000-1,50,000.
The overall expenditure per year to pursue the flagship post- graduate programme at ISB this year will be Rs 20.2 lakhs (Rs 2.02 million), including Rs 2,90,000 for accommodation, books, laptop, alumni association membership and meals, which are optional. This is Rs 1,04,000 more than the Rs 19.16 lakhs (Rs 1.91 million) it charged last year.
Last year, the accommodation, books, laptop, alumni association membership fee and meals expenses worked out to Rs 2,66,000.
The Rs 20.2-lakh (Rs 2.02 million) figure does not include the expenses if the students stay with their families at the campus or have opted for a student exchange programme and other expenses.
The annual intake at ISB is 570 students.
"This fee revision is merely an inflationary adjustment," remarked a senior official from ISB.
Each year, the ISB awards about 100 need and merit-based scholarships ranging from Rs 1,00,000 to Rs 3,50,000.
The ISB also partners with companies to provide scholarships during the course. Citibank, HSBC and Novartis Group offer scholarships up to Rs 6,00,000 with varying selection procedures.
IIM-Ahmedabad, premier B-school, raised the fees for its flagship post-graduate management programme by Rs 1,20,000 this week to Rs 13.7 lakhs (Rs 1.37 million) from Rs 12.5 lakhs (Rs 1.25 million) for the two-year course.
The new fee structure has been worked out after weighing in the increase in costs due to implementation of Sixth Pay Commission's recommendations, as well as general rise in operating costs due to inflation.
