Values for minutes must be between "00" and "59"

What causes this issue?

The entry for minutes in a "TIME" format is not correct. Allowed values
are "00 - 59".

System Response

The system issues an error message and will not allow you to continue with this transaction until the error is resolved.

How to fix this error?

Correct your entries.

Error message extract from SAP system. Copyright SAP SE.