Step 1: Recall what geostationary means.
A geostationary satellite goes around the Earth once per day above the equator, so it seems to stay fixed over one spot on the ground.
Step 2: Check Statement-I about altitude.
To match Earth's spin, the satellite must sit very high, at about 36000 km. The figure of 700 to 900 km is wrong; that low range belongs to sun synchronous satellites.
Step 3: Decide on Statement-I.
Since the altitude given is far too low, Statement-I is incorrect.
Step 4: Check Statement-II about uses.
Because a geostationary satellite stares at the same region all the time, it is ideal for weather watching and telecommunication.
Step 5: Decide on Statement-II.
So Statement-II is correct.
Step 6: State the answer.
Only Statement-II is correct.
\[ \boxed{\text{Only statement-II is correct}} \]