It depends.
Well, being a graduate in ECE from VIT, I think I am fit to answer this question. It would not be right to quote an average figure. But 99% of the companies(core or IT) offer at least 3.25 lakhs to ECE undergrads. In my case only one company offered less than this. Core companies generally offer somewhere in the vicinity of 5–6 lakhs. Some might even offer 10+. And believe me you, there are quite a few(in 2014 we had Cadence, Cisco, McKinsey, Schlumberger, KLM Tencor, Future first, all offering salaries north of 10lakhs).
But, these companies have a selection process with a difficulty level that matches their pay package. So, you need to be really smart and really lucky to get through. These are either core companies i.e. R&D in engineering, not necessarily all ECE, or have an IB profile i.e. investment banking.
Then we have a few less paying firms like HP, Deloitte, Sapient, GM, GE and list goes on. All these pay above 5lpa but less than 8lpa. These are what placement cell classifies as the dream jobs. Get one and you lose your eligibility for the rest.
And then there’s mass recruitment, Accenture/Wipro/Infy etc. These also pay above 3lpa. But less than 4lpa. Pretty much everybody gets at least one of these.