After unveiling the flagship Nokia Lumia 920 and mid-range Nokia Lumia 820 last month, the Finnish firm has completed the range with the 620.
It comes with a 3.8-inch TFT WVGA screen with a resolution of 800x480 and ClearBlack technology to boost contrast in the blacks.
Powered by a Qualcomm Snapdragon S4 processor with 1Ghz dual-core CPUs, the phone offers all the functionality of the Windows Phone 8 operating system.
There is a 5-megapixel camera on the rear with autofocus and LED flash, and users get access to Nokia's exclusive camera lens, such as Smart Shoot, that removes unwanted objects from images. They also get a front-facing snapper for video calls.
The Lumia 620 comes with 8GB mass memory, which is upgradeable to an impressive 64GB via Micro SD card. Microsoft also gives Windows Phone 8 users 7GB of free SkyDrive cloud storage.
Nokia says that it has used a new 'dual-shot' colour technique to "deliver a variety of striking colour and texture effects" on the 620. Dual-shot adds an additional layer of coloured, transparent or translucent polycarbonate on top of a base layer to give secondary colour blends and depth effects.
The Lumia 620 has seven different changeable shells to choose from, enabling users to adapt the phone to their own personal taste.
Alongside all functionality of Windows Phone 8, Lumia smartphone users also get pre-installed apps for Nokia Maps, Nokia Drive and Nokia Transport, along with Nokia Music and the Nokia City Lens local information viewing tool.
The Lumia 620 is NFC enabled, meaning it can pair with NFC accessories such as portable speakers, or make secure payments using the Wallet app in Windows Phone 8.
"We continue to execute on our strategy to reach new audiences and new markets," said Jo Harlow, executive vice president, Nokia Smart Devices.
"With its innovative design, the latest Windows Phone 8 software and signature experiences from Nokia, like Nokia lenses, Nokia Maps and Nokia Music, the Nokia Lumia 620 is a highly competitive smartphone at this price point."
The Nokia Lumia 620 will be available in seven colours, including lime green, orange, magenta, yellow, cyan, white and black colour casings.
It will launch in January 2013 in Asia, followed by Europe and the Middle East. Nokia said that the phone will cost $249 (£154), excluding taxes and subsidies, although exact UK pricing has not yet been confirmed.
> Nokia Lumia 920: Hands on with Nokia smartphone
> Nokia Lumia 920 review - so near and yet so far