This tutorial will show you how to make a text effect.
New File: Take a new file with appropriate size.
Write Text : Select Horizontal type tool (T key) and make formatting then write text on the document.
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Selection: Ctr + click on the text layer to make selection of the text, now go to Select Menu > Modify > Contract and use settings as given below.

Your selection will look as this.

Fill Color: Choose "FF3333" color and fill in the selection by using Paint bucket tool (G key).

Effects: Go to Layer Menu > Layer Style > Inner Glow, Bevel and Emboss, Inner Shadow and use settings.



You will get it.

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