Customer satisfaction is essential for long-term success. In this study the construct of customer satisfaction with respect to Indian retail banking is studied from a qualitative perspective. Grounded Theory, a tool for qualitative analysis was applied. Depth interviews and focus groups of Indian retail banking customers were conducted. The interviews and focus groups were analyzed based on Grounded Theory. Open coding of the data was done and memos were written to understand the phenomena. Concepts were generated from the phenomena. Index card sorting was applied to segregate the concepts into different categories and sub-categories. Axial coding was done to relate the different categories and sub-categories. Finally, selective coding was done to determine the central or core category. The concepts generated based on open coding would determine the dimensions which might affect customer satisfaction. The dimensions would help practitioners and banking professionals to understand customer satisfaction in Indian retail banking better.