A time-bound hierarchical key assignment scheme is a method to assign time-dependent encryption keys to a set of classes in a partially ordered hierarchy, in such a way that each class can compute the keys of all classes lower down in the hierarchy, according to temporal constraints. In this paper we design and analyze time-bound hierarchical key assignment schemes which are provably-secure and efficient. We consider both the unconditionally secure and the computationally secure settings and distinguish between two different goals: security with respect to key indistinguishability and against key recovery.