Xiaomi is reportedly gearing up to launch a mid-range, budget-friendly smartphone dubbed the “Redmi Note 2.” Here is a roundup of the key features as reported so far.

IBTimes IN reports that the device will sport a 5.5-inch full HD display, along with 1,920 x 1,080-pixel screen resolution. The phone will be powered by an octa-core 64-bit (Mediatek MT6795) Helio X10 processor. In comparison, the phone's predecessor -- the Redmi Note -- comes in two variants: 3G and 3G LTE models. While the 3G variant flaunts a Mediatek Octa-core processor with Mali-450MP4 GPU, the 4G model settles for a 1.6 GHz Snapdragon 400 SoC with quad-core CPU and Adreno 305 GPU.

The company may not launch a 3G variant. Instead, a new, high-end Redmi Note 2 Pro will be released, says IBTimes IN. If that happens, the handset will be powered by an octa-core 64-bit (Qualcomm Snapdragon 615) processor. The device will feature a 13-megapixel rear-facing unit and a 5-megapixel front-facing camera.

The Xiaomi Redmi Note 2 will support 4G LTE apart from its standard connectivity options. The handset will house a unit more than 3,100 mAh in capacity. The handset will run on either Android 5.0.2 Lollipop or Android 5.1 Lollipop OS, along with the company’s MIUI on top of it. Readers should note that, Xiaomi has not confirmed the Redmi Note 2 specifications yet.

The Xiaomi Redmi Note 2 release date has been set for June 29. Speaking of Redmi Note 2 price, the smartphone will reportedly set the buyers back by approximately US$157.