How to hollow a layer with letter shapes

Hi there. I'm designin some "Boss tables" for a videogame Guide, and there is something I want to do with the name of the boss:

Let's see: there are 3 Layers: Background layer, material layer and Text Layer.
What I want to do is that you can see througt the material layer the background layer where the letters are. Something like making a hole in "Material layer" with whatever it's in "Text layer" so it looks like there are letter shaped holes in the "Material layer".

I'm not interested in rasterize the text layer, because I'm going to use this model a lot of times, so I want it to be editable text, to write whatever I want.

I hope I have explained it correctly so you can understand

Go to blending option of text layer and play with the inner shadow but before this you have to make your text transparent so that you can do what you wanted.

Regards,
Md Tafsil

Try making a "Layer Mask"
Select your "Material Layer" then Ctrl + Click on your "Type Layer". Once you see the "marching ants" selection around your text, click on the "Add Layer Mask" button at the bottom of the Layers pallet. You can also unlink the layer with the mask by simply clicking on the chain between the two. This allows you to move the material layer around