There are three tabs in grid view controller settings: inbuilt relays, ICD and channel.
Inbuilt relays represent the relays on LCMs and RCMs. Channel and SELV relay types are similar but SELV is a low voltage relay. The function column is what function the relay executes. The startup state is whether the relay starts in an open or closed state. The inverted checkbox is whether the relay states are inverted.
ICDs are control devices on the LCM/RCM channels. A channel interface is a physical device on the controller. A virtual interface is one that can be purchased for use on the controller for various purposes. The type is what type of control device it is.
The channel tab is used to specify what group the devices on the channel are assigned to by default. Assigning different groups to the channel will convert it to a system group and any previous groups no longer used are reverted back to normal group types.