The question actually doesn't make any sense. If you are talking about API rate limit you need to clearly mention that in question. I don't think any other way that a user is being "hold" using RingCentral API.
Please frame your question with adequate details. Random question without appropriate details doesn't make any sense and creating a kind of spam in this forum.
The answer is no, there is no API, nor configuration parameter to set the limit of time of an active call which is on-hold.
However, you can implement a "calls monitor" application, use the presence notification and active calls APIs to detect active calls which are in on-hold stage, calculate the time and send notifications (e.g. SMS) or take any action as you want to notify or terminate call's parties.
Read this blog for more info about using Presence APIs
Thanks @Phong Vu for the detailed explanation on the question as I was also looking for the answer. @Anirban Sen Chowdhary your answer doesn’t make any sense to what @Nitika D has posted & let’s leave it to the admin of this forum to decide whether it is a spam or not rather than you being an advocate - If you do not know the answer then you can choose to ignore but if you choose to help you shouldn’t term genuine questions in this forum as spam as that doesn’t create a healthy environment to collaborate and learn more - We should create an environment to help each other as that would help the forum grow!