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Fixed time maintenance refers to maitenacne that is carried out at fixed intervals. These intervals are more often than not defined by manufacturer of the equipment/machine after carrying out research on the component's behavior in laboratory or from past experience. Example, replacing oil/air filter after a fixed period of time i.e.3 or6 monthly or after a certain mileage has been reached i.e.10,000 miles etc.
Condition based maintenance is something which is carried out solely on the basis of the condition of the said component/machine/equipment. Example: changing brake pads only if below a certain thickness or changing air filters only if they are blocked/dirty.