Periodically, some m of the n redundant components of a dependable system may have to be taken out of service for inspection, testing or preventive maintenance. The system is then constrained to operate with lower (n−m) redundancy and thus with less reliability during these periods. However, more frequent periodic inspections decrease the probability that a component fail undetected in the time interval between successive inspections. An optimal time schedule of periodic preventive operations arises from these two conflicting factors, balancing the loss of redundancy during inspections against the reliability benefits of more frequent inspections. Considering no other factor than this decreased redundancy at inspection time, this paper demonstrates the existence of an optimal interval between inspections, which maximizes the mean time between system failures. By suitable transformations and variable identifications, an analytic closed form expression of the optimum is obtained for the general (m, n) case. The optimum is shown to be unique within the ranges of parameter values valid in practice; its expression is easy to evaluate and shown to be useful to analyze and understand the influence of these parameters. Inspections are assumed to be perfect, i.e. they cause no component failure by themselves and leave no failure undetected. In this sense, the optimum determines a lowest bound for the system failure rate that can be achieved by a system of n-redundant components, m of which require for inspection or maintenance recurrent periods of unavailability of length t. The model and its general closed form solution are believed to be new. Previous work had computed optimal values for an estimation of a time average of system unavailability, but by numerical procedures only and with different numerical approximations, other objectives and model assumptions (one component only inspected at a time), and taking into account failures caused by testing itself, repair and demands. System properties and practical implications are derived from the closed form analytical expression. Possible extensions of the model are discussed. The model has been applied to the scheduling of the periodic tests of nuclear reactor protection systems.