Option 1 postulates that both the `Commercial Paper` and `Certificate of Deposit` definitions are correct. However, `Certificate of Deposit` is not issued by the Reserve Bank, but by banks to individuals. Its term is usually basically short to medium, not long. Therefore, statement 2 is incorrect, making this option incorrect.

Option 2 suggests that statement 4 is correct. But `Zero-Coupon Bonds` are issued at a discount to face value and do not bear any interest. They are mostly long-term and not issued solely by Scheduled Commercial Banks to corporations. This makes statement 4 incorrect as well, invalidating this option.

Option 3 asserts that statements 1 and 3 are correct. The definitions for `Commercial Paper`, essentially a form of unsecured, short-term debt issued by corporations, and `Call Money`, referring to short-term funds that can be borrowed for usually a day by banks from other banks is indeed correct.

Option 4, like option 1, includes the incorrect statement 2 and also the incorrect statement 4, thus rendering it erroneous. Hence, option 3 is the correct answer.