As a fairly new NCO, am I supposed to give my soldiers initial and monthly counsellings (PSG is asking for monthly)?

Counsel and document, good bad and general.
When a soldier arrives they need to know how things work. On a day to day basis they need to know if they are going in the right direction. Your counseling habits will directly influence their counseling habits in the future.

Monthly counseling are required in alot of units, but honestly I think it's a big waste of time for the NCO writing it. Let's be real here... 90% of the junior enlisted give it a quick read and throw it in the trash after you do the formal part of the counseling. Constantly mentoring and teaching through out the month is more effective. That is your job after all, to train soldiers.

Most definitely. As a new NCO, let your subordinates know what you expect of them and establish your standards. A fair monthly assessment of their daily performance is also in order. This will allow quick reference for any personnel actions on your soldiers and give them a mile marker on where they stand. Your next higher up should be doing the same with you and your peers.

You should do an initial counselling session with that new trooper or NCO. That is where you and the command sets the standards for Conduct and Performance.
As far as Monthly Councelling that should be on a month to month basis until you are confident that these new soldiers and NCOs are competent enough to Warrent either monthly or quarterly counselling.

We got and gave daily “counseling’s “ especially if things were deficient that day

Initial counseling is important. But, monthly counseling is even more so. If your troops don't know what they're doing right and wrong, they can't make the necessary adjustments. And, if there's no monthly counseling, they'll know that their supervisor doesn't care about them.

Omg! Yes! I don’t mean to criticize but don’t they cover this in WLC or NCO Academy or whatever theyre calling it now? Yes absolutely! Make constant little notes all through the month on what your soldiers are doing right and what they’re doing wrong then at the end of the month you won’t have to sit down and rack your brain to remember how they did. Make constant little notes all through the month on watered soldiers are doing right and what they’re doing wrong then at the end of the month you won’t have to sit down and rack your brain to remember how they did. Keep a notebook and make constant annotations. This is also useful if you have a problem soldier because if you annotate times and dates of the infractions it makes it easier to correct them and or recommend disciplinary action. Don’t let a soldier screw up numerous times without you writing anything down, and then when you can’t take it anymore you want to burn them. If you have no documentation you won’t be able to do it. On the positive side right down all the good accomplishments so that when a promotion comes around you can point To those good things and get your soldier The promotion. Document document document.

Yes you need to get to know your soldiers and initial and positive counseling helps the soldier to do well in their tasks or OJT

Yes to both, I would always give a shade tree counseling when I got a new soldier explaining what I expected from them and what they should expect from me. I would give them the actual formal initial counseling within a week and then give monthly counselings and event counselings as needed.

Counseling was like history of Soldier, every time I got new soldiers from another platoon or unit I did my research about them, counseling gave me an idea if a Soldier was ready for promotion or schooling, If a Soldier has gotten in trouble and got re-assigned to me within the same unit I will create a new counseling packet with nothing in it, but I will show that Soldier his old packet and I tell him/her that is up to them if ever have to look into it, I will give them a clean start to let them know how fair I can be. My NCOs had to provide me with last 3 NCOERs that way I get a scope of what he/she had done before coming to my unit, it may look too much but it help me to know them better, I also did counseling on the monthly basis on NCOs in addition to quarterly, when it came the for Evaluations it won’t be surprise