What value I'll assign to this parameter if my Checkpoint_segments= 200 and checkpoint_timeout= 5min, kindly confirm.
Before we get on to that, can you please let us know what is archive_status directory saying. Do you see any files there ? if yes, what is there extension ?
We need to first investigate why pg_xlog is growing, is it because of long running transactions or archiving is not working as expected.
It is the checkpoint process which cleans up the WAL files from pg_xlog, if that is not happening