According to new reports, the tech company Apple will release a new iPhone in March of this year.

The new iPhone will be launched as iPhone 5e (e stands for enhanced). Reports indicate that the forthcoming iPhone 5e will be an enhanced edition of the iPhone 5S.

The device sports circular edges and a smaller screen size. The rear panel of iPhone 5e looks similar to the one seen on the iPhone 6.

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The upcoming iPhone 5e will feature a 4-inch display and will have 1 GB of RAM. The device will be powered by Apple A8 chipset and will sport a fingerprint scanner to support Apple Pay, according to NDTV Gadgets.

The new iPhone 5e will have an 8-megapixel camera, VoLTE, NFC and a 1642 mAh battery. Also, the handset will have 64 GB, 32 GB and 16 GB storage options.

The new handset will arrive with a full-metal design. Rumors are doing the rounds that the iPhone 5e will be available in pink, blue, rose gold, silver and space gray.

According to a Phone Arena report, the new iPhone will be available for $500.

It is believed that the Cupertino-based company will organize an unveil event in March 2016 to display many products such as Apple Watch 2, Apple iPad Air 3 and Apple iPhone 5e. According to reports, the Apple Watch 2 will release in June or July. The original watch was launched in 2015.

However, Apple has not disclosed any information about these products.

With the iPhone 6S Plus and iPhone 6S running 2GB of RAM and setting sales records, it is difficult to see the software company going back to 1GB of RAM. Furthermore, players particularly will not want a specs downgrade.

Moreover, casual players may not be interested to purchase the expensive iPhone 5e, inspite of its hi-tech innards. It appears more likely that players will consider purchasing the cheaper and gaming-focused Apple TV instead.

Earlier reports suggested that the new iPhone will arrive with iPhone 6C or iPhone 7C moniker. The iPhone will be made available for purchasers by April. It is believed that the iPhone 5e is under construction with Foxconn factories.