Option 1 states that both statements are individually true and that statement II is the correct explanation of statement I. Let`s analyze each statement separately before considering their relationship.

Statement I is true. The fundamental rights indeed protect the rights and liberties of the people against encroachment by the legislative and executive branches of the government. The purpose of these rights is to ensure that individuals are not subjected to government abuse or arbitrary actions.

Statement II is also true. The fundamental rights guarantee the rights of the citizens. These rights are enshrined in the constitution and provide individuals with certain protections and freedoms, such as the right to life, liberty, and equality.

Now, considering the relationship between the statements, statement II can be seen as an explanation or justification for statement I. The guarantee of citizens` rights, as mentioned in statement II, is the reason why the fundamental rights protect individuals from government encroachment, as stated in statement I.

Therefore, option 1 correctly concludes that both statements are individually true, and statement II is the correct explanation of statement I. Alert - No correction needed, the answer provided is correct.