The correct answer is C. 63% of maximum value.
The time constant of a circuit is the time it takes for the voltage across an capacitor to reach 63% of its final value when a constant voltage is applied. This is because the capacitor charges exponentially, and the time constant is the time it takes for the exponential function to reach 0.6321.
The other options are incorrect because they do not represent the time it takes for the voltage across a capacitor to reach 63% of its final value.