How to update existing Drupal 7.x to New Drupal 7.x

I came across a question when my site was showing me an update available for Drupal core.

Following is one of the simplest method to update your core Drupal installation if you have not touched the core files

1) Take backup of your site (This is the most important step!!!)
2) Delete all the files excluding the sites folder on your root installation of Drupal.
3) Copy paste the files with your newly Downloaded files, excluding the sites folder.
4) Type sitename/update.php in the browser to run updates, If you are not logged in as admin, set the variable $update_free_access to TRUE, save the file and retry too run update.php again.
5) When all the updates finish running, you are good to access your upgraded site :)