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I need to set list column with '0' value on every month 1st.

How I can achieve this one?

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Timer Job is the best suit for your requirement. But It's not possible as you have mentioned that your environment is SharePoint online.

Now you can try

Simulate Timer Job Solution for SharePoint 2013/Online using App Model & CSOM

OR

Write a console app using CSOM (C#) and run it using windows scheduler.

OR

SharePoint Timer Jobs running as Windows Azure Web Jobs

OR

You can create a workflow and run that workflow using third party app like

Plumsail Workflow Scheduler

  • Can we do this by using workflow ? – Lavanya Puppala Jun 27 '16 at 10:00
  • You can but you have to run this workflow in every month. So it's better to implement a timer job – Atish Dipongkor - MVP Jun 27 '16 at 10:02
  • See my last update to solve it using workflow @LavanyaPuppala – Atish Dipongkor - MVP Jun 27 '16 at 10:06

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