RC Transient and the Time Constant
One time constant covers 63%
The gold curve is the capacitor voltage rising as it charges, and the dot on the curve is the voltage at the present moment. Increase the time t from 0 and find the instant when the voltage reaches 63% of its final value. That instant, where the dot meets the dashed vertical line, is the time constant τ.
Why a curve
For the capacitor voltage to rise, current has to flow in. But that current comes in through the resistor, and its size is proportional to the voltage difference still remaining. So the capacitor fills quickly while the difference is large and slows down as it nears the target, and the graph is not a straight line but an exponential curve that keeps easing off.
The time constant τ = RC
What sets the speed of the curve is the product of resistance and capacitance, τ = RC. A large resistance lets in little current, so charging is slow; a large capacitance means a bigger bucket to fill, so it is slow too. τ has units of time, and after one time constant about 63% of the remaining distance to the target has been covered. The circuit in the plot has τ = 2 ms, so at t = 2 ms the voltage reaches 6.3 V, 63% of 10 V. Covering the same fraction of the remaining distance every τ is the defining property of an exponential.
When is it “done”?
One time constant fills it to 63%, two to 86%, three to 95%. After five time constants it is over 99% full and counts as full for practical purposes; the right end of the graph's horizontal axis marks exactly that point. That is why 5τ is used to estimate how long a circuit takes to settle into a new state. Discharging follows the same τ, only in the opposite direction.
Back to the first screen
As you increased the time, the capacitor voltage started out steeply and then eased off, and the moment it reached 63% of its final value was exactly one time constant τ. After that it kept covering the same share of the remaining distance every τ, and by about five time constants the curve had all but flattened. A single number, τ = RC, held the entire speed of the curve.