Executive

It really does not matter if you are thinking that doing an MBA will give you salary at par with the full time management post grads from top colleges.
A graduate doing distance MBA or executive MBA reaches to salary got by fresh campus graduate from tier 1 B schools like IIM, JBIMS, XLRI after experience of 10 years that's too if he really work hard, has exceptional communication and knowledge. an MBA from beyond top 50 ranked institute takes almost same time around 8 to 10 years to reach upto that level.
now coming to knowledge part, a distance MBA cannot help you unless it has case study component, project and compulsory classes for at least 8 to 10 weeks in a semester. When you compare it to executive/ part time institute like FMS, NMIMS, Anna University, JNTU they are much ahead and far better than any distance MBA. Take example of NMIMS- you study case studies, analyse it and learn how to read a case and solve problem, you work on individual as well as group project and group project is with different students each time, you try to create a comfortable group but university ensures you come out of it and deal with different sort of people. So, you can decide now that what and where you want to do

Well, executive MBA may increase your knowledge and add management perspective in your thinking but unless your organisation has a policy to give favorable increment and position for those with MBA, it is not going to add value. Yes, if you change your job and the new organisation need an MBA graduate then your executive MBA comes as a rescue. As far as full time MBA is concerned, you need to take care of the following:
If you do MBA from top 10 institutes in India, average package is 17 LPA, if you do it from top 11 to 20, you may expect a package around 13 LPA, if you do it from 21 to 30, the package will be around 10 LPA, if you do it from 31 to 40, the package will be around 7 LPA and if you do it from 41 to 50, then the package would be around around 4 LPA. I don't think considering as you are already working and earning around 3 LPA (I am assuming). There is no point of doing MBA from above 50 ranked institutes.