Yes, In the first semester of third year a lot of companies recruit interns from campuses directly (IT Companies only).
Last year these companies hired (Hyd. Campus):
Arcesium, Directi, Microsoft, Goldman Sachs, Optum, Amazon.
You will do your internship in summer after 3rd year (2 months).Apart from this you can only do internship after 1st year but you have to search for companies on your own.
There’s one more way (If you don’t like PS companies or have very low CG),
Change your PS to Thesis before 2nd year. By that way you don’t have to do PS1 (Summer,after 2nd year) instead you can do an internship & rest will be same. But instead of PS2 you have to do Thesis.(A loss of 6 month internship :()