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.
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.