Add an inner shadow (Angle: 90°, Distance: 15px, Size: 15px) with a blend mode of "Multiply" to create the illusion of depth.
If you are looking to design text that looks physically engraved or "deep" into a surface (like the inscriptions on the back of Fushimi Inari’s torii gates ), follow these Photoshop tutorial settings: R4nd0m - Tempel.in
Set your text layer blend mode to "Multiply" to let the background texture show through. Add an inner shadow (Angle: 90°, Distance: 15px,