India New Issue-IDFC First Bank to issue 3-month CD - traders

MUMBAI, Nov 17 (Reuters) - India's IDFC First Bank plans to raise funds through sale of certificate of deposit maturing in three months, three merchant bankers said on Thursday.

The private lender will offer a yield of 7.07% on the issue and has received commitments worth around 7 billion rupees ($85.80 million) so far, the bankers said.

The notes are rated A1+ by CRISIL and will mature on Feb. 15. ($1 = 81.5825 Indian rupees) (Reporting by Dharamraj Dhutia; Editing by Subhranshu Sahu)