ORA-13511: invalid INTERVAL string, must be in the range (string, string)
Cause : The user has specified a INTERVAL setting that is not in the supported range of (MIN, MAX).
Action - How to fix it : DBA Scripts :: www.high-oracle.com/scripts
Choose a valid INTERVAL setting and retry the operation.
Well, the reason for above error is that i have taken the above script from a 11g database and running it on 10g database. 11g has bring some changes in password management. Below code is executed on 11g and user created successfully, which is expected result.