Hello Vani,
Yes, system does have the standard archiving steps to archive any old or unused transactions.
First, you need to find out what is the archiving objects for service request. Transaction AOBJ can help you do this. For exsample, CRM_INCDNT.
Then transaction SARA cen be used to run the archiving programs, which is a basis transaction and uses jobs.
Hope this could help you.
Regards,
Webster