I found mistake in MS Word 2007. When over the mouse pointer on Grow Font and Shrink Font into Home Tab the Shortcut Key (CTRL+>) and Shortcut Key (CTRL+<) appears on the screen but shortcut key does not work.  Shortcut key is (CTRL+SHIFT+>) for Grow Font and CTRL+SHIFT+< for Shrink Font.   
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Hi Promil Kumar,

Thanks for your feedback. I can reproduce this issue with Word 2007, then the keyboard shortcut for Decrease font size one value is "CTRL+SHIFT+<". And the "Increase font size one value" is "CTRL+SHIFT+>". Please refer to this article:

https://support.office.com/en-au/article/Keyboard-shortcuts-for-Microsoft-Office-Word-628621ea-c0b7-4f01-bc3e-50640c0b46dc

It might be a mistaken of screen tip. I'll submit this issue with internal channel.

Thanks,

George Zhao
TechNet Community Support

Some shortcuts depend on the language installation of Office. What do you see in the Customize Keyboard dialog box?See which key combinations are assigned to the GrowFont and ShrinkFont commands.