The Provident Fund Central Board of Trustees today decided to raise the interest rate to 9.5 per cent for 2010-11 on their retirement savings of Public and Private Sector Undertakings. The decision to this effect was taken in the meeting of the Trustees headed by the Labour Minister Mr. Mallikarjun Kharge. He said, the recommendations will be forwarded to the Finance Ministry which notifies the Provident Fund rate. AIR correspondent adds that the increase of one per cent in the interest rate on PF deposits of 4.71 crore organised sector workers will result in deficit of 1,600 crore rupees.