Xiaomi has made its name around the world for it’s cheap and budget smart products. From smartphones to wearables, it has produced many high-end products in budget range. Mi Bands are one examples of these high-end products. But it is being speculated that it’s another variant is in works which will cost even lower.

Mi Band 3i by Xiaomi will have fewer features but it is going to cost even less. Code named ‘RIO’ as of yet, it is expected to follow the release of Mi Band 4 which was launched by Xiaomi only a few weeks ago. Last year, Mi Band 2i was released following the unveiling of Mi Band 3. Something similar is expected from Xiaomi this year too and there is much evidence to suggest that something is on its way.

The biggest alteration between Mi Band 2i and Mi Band 2 was the hear beat sensor. This also ended up giving an enhanced battery life to the product due to the lack of this sensor. Except from that, everything else is exactly the same and both wristbands even use the same smartphone applications.

AndroidTR identified the “RIO” reference embedded in the coding of MiFit smartphone application. This is enough evidence to speculate the existence of this fitness band or Xiaomi toying with its idea, at least.

Mi Band 4 however has attracted a lot of attention in wearables market for its impressive features and updates. It has an AMOLED DISPLAY in full color, 120x240px resolution, 450 nits screen brightness and 2.5D tempered glass scratch-resistant screen. All these features are an upgrade from the previous version of Xiaomi’s Mi Band series as the display is larger. It is yet to be seen which features will be axed in the cheaper variant of this device and only then we can decide if it really is an option to consider.