Raised panel shutters are usually exterior shutters and they are made with a frame of vertical siles and horizontal rails. The inside of the frame will have solid panels that are outset or "raised" from the panel surface. The outer edges of the raised part of the panel are typically routed into an ogee or other shape.
Vinyl is now the choice over wooden shutters because they last so much longer without having to do very much upkeep or maintenance. You can get raised panel shudders in any color or style and they make a great aesthetic addition to the outside of your home.