The support staff of the team will receive Rs 25 lakh each.
India stunned six-time champions Australia to reach their second ever final in the World Cup and will play England in the final at Lord's tomorrow.
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"The team has shown tremendous character and the girls have raised the bar with each passing game under the able leadership of Mithali Raj.
"The Women's World Cup has been widely followed across India and this team's spirit and performance on the field has won admirers all over the world. I am sure this team has inspired the next generation of cricketers and many more girls will take up the sport in the years to come."
BCCI acting president CK Khanna said, "The BCCI acknowledges the performance of the Indian Women's Cricket Team.
"The team has a good blend of young talent and experienced campaigners in Captain Mithali Raj and Jhulan Goswami.
"The all-round performance was on display in the semi- final against Australia Women, who have won the World Cup six times. The fearless batting of Harmanpreet Kaur mirrors the team's approach under pressure."
Acting secretary Amitabh Choudhary added, "We wish them the best as they prepare for their biggest match tomorrow at the Lord's Cricket Ground.
(Only the headline and picture of this report may have been reworked by the Business Standard staff; the rest of the content is auto-generated from a syndicated feed.)
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