While South Africa finished as the number one team, Australia claimed the second position and won $370,000. England, meanwhile, received $160,000 for finishing fourth.
South Africa have been holding the number one Test spot since August 2012, and is the fourth side, after Australia, India and England to achieve this distinction.
ICC Chief Executive David Richardson presented the cheque to his Cricket South Africa (CSA) counterpart Haroon Lorgat, who received it on behalf of the side that topped the Test rankings for the second successive year.
South Africa also retain the mace, which is presented to the number-one ranked Test side.
Richardson praised the South African team for its achievement.
"I congratulate South Africa for topping the rankings for the second successive year in our pinnacle format. To retain the top Test spot in a season that saw some very interesting, competitive and high-profile series is an achievement to be proud of.
"With the top eight Test sides closely matched, and every side aiming to claim the coveted number-one Test position, I'm looking forward to another exciting, challenging and competitive season, which will go on to strengthen Test cricket's reputation as the most enduring and respected format," Richardson said.
Lorgat said: "I am truly honoured and humbled to receive the Reliance ICC Test prize money, not just on behalf of the players and the team management but on behalf of all South Africans. The players appreciate the enormous privilege of representing our country and taking on the responsibility that goes with it."