Modern systems consume a lot of power. The extra 4 pins on a 24-pin ATX PSU connector are additional paths for the 12-volt rail. They work in parallel with the standard 12-volt line and do not carry any new type of voltage rail. The 20-pin connector carries all the different voltage levels needed to run your motherboard.
Ideally it's best to have a good PSU with a 24-pin connector, but a 20-pin connector will work just as well in most cases.
Note : Earlier i-ball PSUs were unreliable, not really because the basic design was faulty, but rather because of poor workmanship in assembling. I've mentioned this before, and also sent in suggestions to the company. Their more recent products came with a different type of PSU, but I have not yet had time to check them out carefully, so I can't say what they're like in terms of reliability and performance.