"With this win the Bangladesh Cricket Team has fulfilled the dreams and aspirations of millions," BCB president Sina Ibn Jamali said in statement.
"Our continuing effort to develop cricket in Bangladesh will gather more momentum through this victory."
Bangladesh beat West Indies by four wickets at St. Georges in Grenada on Monday to take their two-test series 2-0.
West Indies, who lost the first test by 95 runs, fielded a makeshift side in the series after their first choice players boycotted in a dispute over contracts and payments.
The series winning Bangladesh cricket team would receive the cash payment in addition to their usual winning bonus of two million taka ($28,500), the BCB said.
Bangladesh will also play three one-day internationals and a Twenty20 international in the West Indies.
