1)Creating a new 200 X 100 pixels file.(File > New).

2) Select the foreground color.

3) Select the Text tool from the tool paletteand type something .

4) Next, hold down the Ctrl key and in the Layers palette, click on the new text layer. Selection will be created.

5.) Create a new layer by clicking newlayer button .

6)Now go to Select > Modify > Contract. Set at 3 pixels.

7) Select second color. (use a lighter shade). Next go to Edit > Fill. Use 100% opacity and hit OK. Now Deselect selection.

8) Go to Filter > Blur > Gaussian Blur. Set the Radius to 2.1 pixels. Hit OK.

9)Now go to Layer > Merge Down.

10) Now apply layer effects.Go to Layer > Layer Styles > Bevel and Emboss. Make sure that both highlight and shadow modes are set to white.

You can try different layer effects.