The winners of the India vs New Zealand World Test Championship (WTC) final will take home USD 1.6 million, as well as the Test Championship Mace, while the losing team will get USD 800,000, the ICC has announced. In case there is a stalemate, or weather prevents a winner from being identified despite the reserve day, the two teams will split the total prize money of USD 2.4 million.

It will be the first time the sport will have official world champions in the format. "It (the WTC) has come to symbolise the best team in Test cricket, and with the Test championship now being used as the vehicle to identify the best team in Test cricket, the mace is on offer," Geoff Allardice, the ICC chief executive, said in an interaction with members of the media.

In a statement, the ICC explained that the Test mace, which was earlier awarded every year to the teams topping the Test team rankings, will be given to the WTC winners from now on. In case of a draw or a tie, India and New Zealand will share possession of the mace during the time they remain champions.

Australia, who finished third on the points table, England, who were fourth, and Pakistan, the fifth-placed side, will receive USD 450,000, USD 350,000 and USD 200,000 respectively, while the remaining teams that were a part of the competition - West Indies, South Africa, Sri Lanka and Bangladesh - will get USD 100,000 each.

The final between India and New Zealand will be played in Southampton, and will be played from June 18 to 22, with June 23 slotted as a reserve day, to be used only if any time lost during regulation play on each day is not made up on the same day. It will comprise a maximum of 330 minutes or 83 overs plus the actual last hour.