The announcement led to a flood of congratulatory messages for the star on social media.
The septuagenarian actor, an active Twitter-user and blogger, also turned to the micro-blogging site to express gratitude, both for the honour and the wishes.
"There is a paucity of words searching a response .. for the generosity of words that pour in .. I am but deeply grateful and most humbled .. my sincerest gratitude ..," Bachchan tweeted.
T 3298 - There is a paucity of words searching a response .. for the generosity of words that pour in .. I am but… https://t.co/m9YgWWntbm
The actor's children, actor Abhishek and write-designer Shweta, also shared their excitement and pride with emotional posts.
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Shweta Bachchan-Nanda posted a picture of her father from one of his earlier films, with the caption, "Whose your Dada (Saheb Phalke) ? Uncontainable excitement, pride, tears, and general hysteria!!! Congratulations Papa."
Abhishek Bachchan, who has shared the screen with his father in several movies including 'Paa', 'Bunty aur Babli', 'Sarkar', shared the news, saying, "Overjoyed and so, so proud! #ProudSon."
Overjoyed and so, so proud! #ProudSon https://t.co/bDj4kNaVhS
Last seen on the big screen in 'Badla', the actor is a recipient of four National Film Awards for his performances in 'Agneepath', 'Black', 'Paa' and 'Piku'.
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The 76-year-old star made his Bollywood debut in 1969 with 'Saat Hindustani.'
Happy Birthday, Amitabh Bachchan: Rare Pictures Of The Megastar
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Amitabh Bachchan turns 76 today. On the mega star's birthday, here's looking at some never-seen-before pictures from his life.
In Pic: The actor at his residence in Bombay in the 1970s.
Amitabh Bachchan turns 76 today. On the mega star's birthday, here's looking at some never-seen-before pictures from his life.In Pic: The actor at his residence in Bombay in the 1970s.
Eminent hindi poet Dr Harivansh Rai Bachchan with wife Teji Bachchan and sons Amitabh (left) and Ajitabh, pose at their residence in Bombay.
Eminent hindi poet Dr Harivansh Rai Bachchan with wife Teji Bachchan and sons Amitabh (left) and Ajitabh, pose at their residence in Bombay.
Amitabh Bachchan ties the knot with Jaya Bhaduri on June 3, 1973.
Amitabh Bachchan ties the knot with Jaya Bhaduri on June 3, 1973.
Amitabh Bachchan (left) with actor-son Abhishek Bachchan, wife Jaya Bachchan (right) and daughter Shweta on the way to paying homage to the former Prime Minister Rajiv Gandhi at Vir Bhumi in Delhi on August 20, 1993, marking the late leader's 49th birth anniversary.
Amitabh Bachchan (left) with actor-son Abhishek Bachchan, wife Jaya Bachchan (right) and daughter Shweta on the way to paying homage to the former Prime Minister Rajiv Gandhi at Vir Bhumi in Delhi on..
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Bollywood's aristocracy and the pashas of politics celebrated the Big B's birthday at his residence in Mumbai in 2003 .
Bollywood's aristocracy and the pashas of politics celebrated the Big B's birthday at his residence in Mumbai in 2003 .
Here: Jaya Bachchan (from left), Anil Ambani, Amitabh Bachchan, Sanjay Dutt an..
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Amitabh Bachchan arrives to pay homage to the mortal remains of assassinated Prime Minister Indira Gandhi at Teen Murti Bhavan in New Delhi on November 02, 1984.
Amitabh Bachchan arrives to pay homage to the mortal remains of assassinated Prime Minister Indira Gandhi at Teen Murti Bhavan in New Delhi on November 02, 1984.
Superstars and rivals Amitabh Bachchan and Rajech Khanna in Mumbai.
Superstars and rivals Amitabh Bachchan and Rajech Khanna in Mumbai.
Amitabh Bachchan and son Abhishek leave Breach Candy hospital where the actor was hopitalised in 1982.
Amitabh Bachchan and son Abhishek leave Breach Candy hospital where the actor was hopitalised in 1982.
Abhiskeh Bachchan, Aishwarya Rai Bachchan and Amitabh Bachchan at the annual pre-Diwali function organised for city's law enforcers, in Mumbai in 2007.
Abhiskeh Bachchan, Aishwarya Rai Bachchan and Amitabh Bachchan at the annual pre-Diwali function organised for city's law enforcers, in Mumbai in 2007.
Amitabh Bachchan receives the Padmashree Award from then-President of India, Zail Singh at an investiture ceremony at the Rashtrapati Bhawan in 1984.
Amitabh Bachchan receives the Padmashree Award from then-President of India, Zail Singh at an investiture ceremony at the Rashtrapati Bhawan in 1984.