late, tardy, slow, delay
遲 centers on not being on time: arriving late, being slow, or causing a delay. The core idea is a lag or lateness in action or arrival.
遲 combines 辶 (movement) with 犀, which likely contributed the sound. The character originally expressed slowness or lateness in movement.
The 辶 (movement) radical wraps around 犀, suggesting a heavy or slow-moving animal-like shape. Picture a rhinoceros (犀) trudging along a path, always late and slow.
For チ, imagine a slow-moving cheetah (チーター) that is always late: cheetah -> チ, and the delay fits the meaning.