Is There any way to perform scheduled deletion of records from database?

You can schedule a process to start a specific date and time every month and use the "Delete from DSE" smart service to delete the desired records. 

to delete the records from DB on scheduled interface, you can create a process model with timer start event. and in that you can use delete from data store entity with its identifier or you can use query database to delete the data with where condition. for condition data you can use ac! 

You may want to review the Start Event documentation.

I also want to add, in my experience I would never delete production data unless their is a specific legal, HR, etc requirement to purge it from the system.  Instead, only show data from the last 30 days, or flag older rows as 'archived' or 'inactive' which remove them from reporting.  Are you maxing out your DB?  In our 15 year old environment with 6.83 million tasks completed across 90+ applications, we're using about 2% of the available MSSQL database capacity.