India received a cheque of US $265,000 for finishing third on Tuesday, while South Africa pocketed US $475,000 for claiming the top position in the ICC Test Team Rankings at the April 1 cut-off date.
While South Africa finished as the number one team, Australia, as the No 2-ranked team, won US $370,000.
England, meanwhile, received US $160,000 for finishing fourth.
South Africa have been holding the number one Test ranking since August 2012, and is the fourth country, after Australia, India and England to achieve the distinction.
ICC Chief Executive David Richardson presented the cheque to his Cricket South Africa counterpart Haroon Lorgat, who received it on behalf of the team that topped the Test rankings for the second successive year.
South Africa also retained 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."
Image: ICC Chief Executive David Richardson presents the cheque to CSA Chief Executive Haroon Lorgat.
Photograph: ICC Media