From Zelda Wiki, the Zelda encyclopedia
The Termina Clock is a clock that is used to indicate the time in the land of Termina in Majora's Mask. It can be mostly seen around several places in Clock Town, with the biggest clock being on the Clock Tower of South Clock Town. On the night of the Final Day, when the stairs to the Clock Tower open, Link faces off the Skull Kid while standing on top of the giant clock of the Clock Tower. It is also on top of the clock that the young hero can call upon the Four Giants using the Oath to Order.
Reading the Clock
When the minute indicator aligns up with the red 60-minute mark, an hour has passed and the hour clock will rotate. When the minute clock rotates, a minute has gone by. According to this clock, it would be 8:10 PM.