India's World Cup-winning cricket team will share prize money of nearly $15 million, the national cricket board said Sunday, as a reward for their "talent, determination, and sportsmanship".

India won a thrilling final by seven runs in Barbados on Saturday to clinch their first major title since the 2013 Champions Trophy.

Jay Shah, secretary of the Board of Control for Cricket in India (BCCI), announced the hefty reward, which will be shared between around 25 people -- the entire team including coaches and support staff.

"I am pleased to announce prize money of 125 crores rupees ($14.9 million) for Team India for winning the ICC Men's T20 World Cup 2024," Shah said in a statement.

If split equally, that works out to roughly $600,000 each.

"The team has showcased exceptional talent, determination, and sportsmanship throughout the tournament," Shah added.

"Congratulations to all the players, coaches, and support staff for this outstanding achievement".

The title victory comes after over a decade of heartbreaks in knockout matches of International Cricket Council (ICC) tournaments.

The cash prize is in addition to the International Cricket Council record prize pool of $11.25 million for the tournament.

India, as winner of the competition, will share a pot from that of $2.45 million along with bonuses, which the ICC said is "the highest amount in the tournament's history".

South Africa will share $1.28 million for finishing as the runner-up.

After India's win, the cricket-crazy country erupted with midnight celebrations as fans in blue Indian shirts on cars and bikes took to the streets across cities including the capital New Delhi.

Indian Prime Minister Narendra Modi said on social media Sunday that he had spoken to the team, congratulating them on their "excellent skill and spirit".