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sultansultan 

what is the minimum & maximum time interval we can schedule a class using system.schedule method?

Best Answer chosen by sultan
Peter_sfdcPeter_sfdc
Minimum used to be 5 minutes, but that may have been relaxed in Summer 14. 
Maximum is whatever you want...underneath it uses a form of CRON to work. 

Please read the docs on Apex Scheduler below: 
https://developer.salesforce.com/docs/atlas.en-us.apexcode.meta/apexcode/apex_scheduler.htm