iPhone 5C will be available at price starting from Rs 41,900 and iPhone 5S at Rs 53,500, the company said.
A contract-free and unlocked 16GB version of the iPhone 5C is available for USD 549 (about Rs 34,700) in the US, while an unlocked and contract-free iPhone 5S can be bought for USD 649 (about Rs 41,000).
The company in a statement said that "it will offer iphone 5S, the most forward thinking smartphone in the world, and iphone 5C, the most colorful iphone yet, to customers beginning on November 1, 2013."
iPhone 5C will be a choice for consumers evaluating Apple's 16 GB model of iPhone 5 while iPhone 5S can be an option for customers looking for an alternate option to 64 GB model of iPhone 5.
The 16 GB variant of iPhone 5 is available in the country for around Rs 45,000 and 64 GB variant of the smartphone is available for around Rs 59,000.
Apple last week announced that iPhone 5S and iPhone 5C would be available in more than a dozen countries on November 1, including India, without revealing their prices.
Apple has timed the release of latest iPhones in India before Diwali, which is on November 3. Apple products have previously hit the Indian markets in the last fortnight of November or the first fortnight of December.