Don't want to break the bank buying yourself a new smartphone? An Indian startup called Ringing Bells have announced their Freedom 251 phone. It is the world's cheapest phone, costing only 251 rupees ($3.67).

The phone will feature a 4-inch screen, 1.3 GHz quadcore processor, 1GB of RAM, 8GB of storage (expandable up to 32GB), 3.2-megapixel rear camera, 0.3-megapixel front camera and a 1,450mAH battery.

It also runs on Google's Android Lollipop and includes YouTube, Facebook, Whatsapp, and a few more apps pre-installed.

It will be available on February 18.