IDFC First Bank to issue 3-month CD - traders

India's IDFC First Bank IDFCFIRSTB plans to raise funds through the sale of certificates of deposit maturing in nearly three months, three merchant bankers said on Monday.

The private lender will offer a yield of 7.32% on the issue and has received commitments worth around 5 billion Indian rupees ($61.27 million) so far, the bankers said.

The notes are rated A1+ by CRISIL and will mature on Apr. 3.

($1 = 81.6010 Indian rupees)