Every year, the following cash prizes along with merit certificates are awarded to Royal College Students Who are toppers in their respective classes.
| Class | Prize | Amount |
| T.Y.B.A – Sociology / Political Science / Economics | 1st | 2000/– each subject |
| T.Y.B.A – Psychology/ Hindi | 1st | 1000/- each subject |
| T.Y.B.Sc – Chemistry/ Physics/ Microbiology/ Computer Science | 1st | 2000/- each subject |
| M.Com Part I , Part II | 1st | 2000/- each |
| T.Y.B.Com / TYBMS/ TYBAF | 1st | 2000/- each subject |
| T.Y.B.Com | 2nd | 1500/- each subject |
| T.Y.B.Com | 3rd | 1000/- each subject |
| S.Y.B.A/ B.Com/ B.Sc/ B.Sc (Computer Sc.)/BMS/BAF | 1st | 2000/- per class |
| F.Y.B.A/ B.Com/ B.Sc/ B.Sc (Computer Sc.)/BMS/BAF | 1st | 2000/- per class |
SPECIAL PRIZES
1) A CASH PRIZE OF 15000/- and merit Certificate for securing a Merit rank at Third year University Examination.
2) Two Scholarships of 5000/- each in the name of Asmabai Taherali is awarded to students who are 1st rank holders in examinations during three consecutive academic years.
3) Cash prize of 1000/- & certificate for Outstanding Achievement in Sports based on Interclass, Inter-Collegiate & DSO Level Achievement.
4) Library Award: An additional library card for the first three Rankers of each class.
5) Cash prize for Book Review conducted by Library :1st prize : 1000/-, 2nd prize : 750/-, 3rd prize : 500/-
