These are two quotas that limit how much video minutes you can upload to your account. 

Please be aware that this is NOT a storage quota but act more like consumable credits. 

Both of these quotas are directly tied to encoding.

The "minutes per month" define the maximum minutes of video material you can upload any given month.

The "total minutes" define how much video material you can upload in total to your account. If the "total minutes" are consumed, you cannot upload additional video material. However you are able to purchase additional total video encoding minute packs a 1000 minutes for $15 each.