Bhide was an elected fellow of the Indian Academy of Sciences (1974), National Academy of Sciences, India, Indian National Science Academy, Maharashtra Academy of Sciences, Indian Cryogenics Council and the Royal Astronomical Society. He delivered several award lectures such as INSA K. Rangadhama Rao Memorial Lecture, Parulekar Memorial Lecture, M. B. Kinkhede Memorial Lecture and Professor V. N. Thatte Memorial Lecture. The Government of India awarded him the civilian honour of the Padma Shri in 1992. He was also a recipient of Sir C. V. Raman Award and Meghnad Saha Memorial Award.