Peer review is broken.
Do reviewers/editors receive a deadline for reviewing a paper?
Typically yes. But, many reviewers seemingly wait until they receive a reminder or the deadline is near, before starting their review, for various reasons: I have reviews to do, so I can't accept more. Ultimately, reviews have to be written, so why delay? That's not always possible, of course. Reviewers are busy people, they don't always have the time, everything is last minute, and many are simply overloaded.
Personally, I should avoid overloading myself for more than a month-or-so at a time, which means I can (usually) review within two months. If I can't commit to that, then I'll decline to review, because I can't deliver in what I consider a reasonable time (which is typically less than permitted). (Beyond two months, I try to avoid making commitments, where possible.) Sometimes editors come back to me and ask if I'll just get to it when I can, and I typically agree. Sometimes I accept with the proviso that I'll take far longer than normal.
Reviewing doesn't always get my best cycles, those are reserved for duties that I get more credit for. Since there are always lesser cycles, when I can't get the return I'm after for the aforementioned duties, that's when duties with less credit get done. Such duties can be numerous, so I don't always have the time for reviewing.
Peer review is broken: Better incentives are needed.
What is the time given by the journal authorities to the Editors/Reviewers for checking a major revision and a minor revision?
That'll vary between journals, but is somewhat irrelevant: Reviews are regularly submitted late. There's a website that provides averages, try searching for it, add a comment below when you find it. (I can't remember the name.)
Can someone please let me know as one of my manuscript is in major and other in minor revision?
No, every situation is different. Try looking up the aforementioned website for a rough guide.