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SIT Journal of Management
Vol. 3. No. 2: December 2013, Pp.324-343
Dhillon & Vachhrajani ISSN: 2278-9111
People’s Bank (State Bank of India):- Is First Choice Among Middle
Income Group: An Empirical Study (With Special Reference to Saving
Account)
Amritpal Singh Dhillon* & Hardik Vachhrajani
Abstract
This empirical research study focuses on exploring the major factors that lead to customer
choice & behavior of middle class people while selecting or doing retail banking with Indian
banks. It also leads to develop a conceptual framework of relationship marketing practices in
Indian banks by capturing the perspectives of consumers with respect to their satisfaction
with various services. Data from 110 survey respondents was collected from the selected
prominent retail banks in the city of Vadodara (Baroda), Gujarat. This study also tries to
analysis the major variable which plays a critical role while opting saving accounts offered
by various banks. During the research period various statistical tools were used to unearth
the inter-relationship between various factors like saving account, education, occupation &
annual income etc. In nutshell the respondents were very much safety conscious and looking
for saving account which offers maximum benefits with minimum risk involvement to safe
guard their hard earned money.
Keywords: Banking Industry, Consumer Behavior, Simple Cross Tabulation, Chi-Square
Test, Hypothesis.
*Amritpal Singh Dhillon, Research Scholar, Hemchandracharya North Gujarat
University, Surat, Gujarat, M: +91-9510086557, email:
amritpal_dhillon2000@yahoo.com
**Dr. Hardik Vachhrajani, Amrita School of Business, Amrita University (Amritapuri
Campus),Kerala, M: +91-93775 49309, email: hardikbv@gmail.com
SIT Journal of Management
Vol. 3. No. 2: December 2013, Pp.324-343
Dhillon & Vachhrajani ISSN: 2278-9111
Introduction
The changing environment has presented an unprecedented set of challenges across
all the industries in the globe. The banking industry too, facing a rapidly changing market,
economic uncertainties, fierce competition, new technologies, and more are demanding
customers. The cross border flows and entry of new players and products have forced banks
to adjust the product-mix and undertake rapid changes in their processes and operations to
remain competitive. Over the years, Indian banks have expanded to cover large geographic
and functional area to meet the developmental needs of their customers. They have been
managing a world of information about customers – their profiles, location, etc. They have a
close relationship with their customers and a good knowledge of their needs, requirements
and cash positions. Though this offers them a unique advantage, they also face a fundamental
problem. Unlike in the past, the banks today are market driven and market responsive. The
top concern in the mind of every bank’s CEO is increasing or at least maintaining the market
share in every line of business against the backdrop of heightened competition. With the
entry of new players and multiple channels, customers (both corporate and retail) have
become more discerning and less “loyal” to banks. This makes it imperative that banks
provide best possible products and services to ensure customer satisfaction. Therefore, more
studies are conducted to understand the customer on various variables based on geographical
& psychological in order to increase overall profitability of retail banking in India.
Macro- Economic Scenario
Outlook for global growth for 2013 looks relatively better than the previous year, with
reduced tail risks. On the domestic front, although growth contracted to around 5% in FY13,
India continues to remain one of the fastest growing economies in the world. Outlook for the
current fiscal with inflation now well within tolerance level, appears better than the previous
year. Additionally, softening of global commodity prices should help reduce the imported
inflation in domestic economy. Trends in industrial growth are encouraging. With exports
turning positive, coupled with higher capital inflows, managing the current account deficit
may be facilitated in the current year. Against the above backdrop of a challenging macro-
economic environment, the domestic banking system continued to enjoy the confidence of
the banking public. This is reflected in the aggregate deposits of all scheduled commercial
banks (ASCB) growing higher by 14.3% in FY13 against 13.5% growth in FY12. However,
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Vol. 3. No. 2: December 2013, Pp.324-343
Dhillon & Vachhrajani ISSN: 2278-9111
there was sharp deceleration in credit growth to 14.1% in FY 13 from 17.0% in FY12 due to
a slow-down in investment demand and overall muted growth. Liquidity position was,
however, normal as RBI provided refinance for exports. Since there was little head room to
reduce the deposit rates, banks NIMs were under pressure. Due to the downturn, many
sectors were severely affected impacting the quality of assets financed by the banks. Gross
NPAs of 40 listed banks went up by 43.1% from levels a year ago. Further the restructured
assets book also showed an upward bias with recast assets under CDR around 50% more than
the whole of last year.
Conceptual Framework
As saving accounts are considered to be major contributor to any bank’s success. We
have selected one of the India’s leading banks for our research i.e. State Bank of India. The
savings account has been designed to help people save for their future financial requirements.
Saving account comes with lot of features like moderate rate of interest, personal accidental
insurance etc with most important factor i.e. safety. While selecting or choosing the saving
account the middle class people take almost care. Here in our research we try to unearth
various facts and myths as mentioned under the head of objectives.
Review of Literature
The study started with the literature survey via various reputed journals, magazines &
special articles published in newspaper as well as on internet, which helped to know various
facts of the banking industry. Also more emphasis has been given to understand the latest
trend occurring in the industry. The sources also provide the basic knowledge about the
industry & the marketing actions followed by the leading banks, which in return helped in
understanding the customers’ expectations & further facilitated in designing the
questionnaire.
Various literatures are reviewed concerning the income, expenditure and consumer
buying behavior. Existing marketing knowledge regarding consumer buying behavior is the
best foundation for testing a theoretical framework, which has been developed in preceding
chapters. The background theories reviewed to develop a working framework are: consumer
buying behavior with concern to income & expenditure and western railway employees as a
market segment, which lead to the focus theories of the research, the conceptual model.
However, prior to the discussion of academic theories, literature regarding the expenditure,
income & consumer buying behavior and its historical background will be reviewed first to
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Vol. 3. No. 2: December 2013, Pp.324-343
Dhillon & Vachhrajani ISSN: 2278-9111
have insight knowledge regard this industry in order to formulate appropriate as well as valid
research hypotheses as well as guiding survey design.
Since the late ’50s, superiority of one criterion above another has been a subject
question of various research studies. Early researchers (Martineau, 1958; Coleman, 1960 and
Wasson, 1969 in Keiser and Kuehl, 1972; Schaninger, 1981; Shimp and Yokum, 1981), for
example, argued in favor social class and consider it as a better variable than income for
prediction of consumer behavior.
Coleman (1960): In his research concerning furniture purchases of consumers in
different classes, found that the correlation between prices of goods purchased and social
class is relatively quite high in these product areas, while the correlation between price paid
and annual income is lower than one might expect (Keiser, Kuehl 1972)
A debate was initiated in late ‘60s, regarding social class vs. income and series of research
studies were conducted by various research scholars {Matthews and Slocum (1969); Myers et
al., (1971); Myers and Mount, (1973); Hirisch and Peters, (1974)} whose authors reached
contrary results and established superiority over social class.
Myers et al., (1971): Myers and his colleagues provided support for the predictive
power of income over social classes in explaining expenditure patterns for low-priced
packaged goods & cosmetics and semi-durable & durable goods, plus selected services, such
as clothing, furniture, appliances and travel (Myers and Mount, 1973; Hughstad, 1981). Both
studies only examined the presence of various products on hand.
Sivadas (1997) and Hirsch & Peters (1974 in Sivadas) suggested that income is
superior to social class in predicting recreational and leisure activities.
Nobel laureate Herbert A. Simon sees economic decision making as a vain attempt to
be rational. He claims (in 1947 and 1957) that if a complete analysis is to be done, a decision
will be immensely complex. He also says that peoples' information processing ability is very
limited. The assumption of a perfectly rational economic actor is unrealistic. Often we are
influenced by emotional and non-rational considerations. When we try to be rational we are
at best only partially successful. However, this conclusion related only to the criteria of
usage/non-usage, while social class was of more significance when observing frequency of
usage or purchase.
SIT Journal of Management
Vol. 3. No. 2: December 2013, Pp.324-343
Dhillon & Vachhrajani ISSN: 2278-9111
Slocum and Matthews (1970 and 1972): Slocum and Matthews updated an earlier
study and conclude that income was at least as important as social class in predicting type of
credit card usage, i.e. that neither variable was superior.
Keiser, Kuehl (1972): Another study also shows that both variables, income and
social class, are positively related to brand identification. Namely, adolescents with high
earnings and in the upper class were able to identify more brands than other adolescents.
Schaninger (1981): A very comprehensive and valuable research was conducted by
Schaninger in the analysis of both usage/non-usage criteria as well as frequency of use data
for a large variety of products. In his study, he came to the following conclusions:
(a) Income is more significant than social class in explaining the consumption of low
social value products and services that are not related to class symbols1, but require
substantial expenditures (recreational vehicles and major kitchen and laundry appliances).
Income also better determines the purchase rate of recurrence for mixers, soft drinks &
distilled alcohol, i.e. alcoholic beverages.
(b) Social class2 is a better predictor than income in areas that do not involve high
dollar expenditures, but reflect an underlying lifestyle, values, (e.g. concern with drinking
imported, health & body, and domestic wines) or homemaker role differences, not captured
by income. Furthermore, social class is superior for understanding the purchase of highly
visible, expensive and symbolic goods, such as living room furniture3; and
(c) The combination of income and social class is generally superior for highly visible
products that require moderate or substantial expenditure and also serve as class-linked
symbols (automobile, clothing, television sets)4. Contemporary marketing and consumer
behavior literature often refers to the results of Schaninger's study and generalizes the
presented conclusions.
Since the beginning, that is the mid ’80s, the empirical interest for the issues and
debates on social class vs. income weakens, with the exception of only a few, less
1 This conclusion is contrary to Coleman's findings (1960 in Schaninger). Zaltman and Wallendorf (1979 in Schaninger)
proposed that income would be superior to social class for inconspicuous products bought for in-home use. 2 When classifying individuals into social-class groupings, Schaninger, like most of the other researchers, used the
Hollingshead Index of Social Position, based on two basic socioeconomic variables: occupation and education. 3 This is in line with Coleman's (1960 in Schaninger, 1981) empirical evidence. 4 Peter's (1970) relative occupational class income concept has enhanced the ability of social class to predict select
consumption phenomena. Furthermore, some research studies found that relative class income represented an important
determinant of buying behavior for coffee (Klippel and Monoky, 1974; Prema Dawson et al., 1990) and retail store selection
(Dawson et al., 1990).
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Vol. 3. No. 2: December 2013, Pp.324-343
Dhillon & Vachhrajani ISSN: 2278-9111
comprehensive studies on this subject (e.g. Tomlinson et al., 19935, Sivadas, 1997 and
Williams, 20026). The relationship between expectation, perceived service quality and
customers satisfaction have been investigated in a number of researches (Zeithaml, et al,
1988). They found that, there is very strong relationship between quality of service and
customer satisfaction (Parasuraman et al, 1985; 1988 ;). Increase in service quality of the
banks can satisfy and develop attitudinal loyalty which ultimately retains valued customers
(Nadiri, et al 2009). The higher level of perceived service quality results in increased
customer satisfaction. When perceived service quality is less than expected service quality
customer will be dissatisfied (Jain and Gupta, 2004). According to Cronin and Taylor (1992)
satisfaction super ordinate to quality-that quality is one of the service dimensions factored in
to customer satisfaction judgment.
One can conclude that since the phenomena of social class in marketing became a
subject of study, most research studies have considered this category far more than income.
Despite many doubts and critical attitudes of certain researchers & authors on the practical
worthiness of social class for predicting and explaining the consumption phenomena, there
are ample research studies and published papers that imply that behavioral patterns,
purchasing motives and consumption of certain products and services differ significantly in
relation to social class affiliation7.
Objectives of the Study
1. Try to analysis whether working female prefers more SBI’s saving account than
working male.
2. Try to uncover the myth that the SBI’s saving a/c is more preferred compared to other
banks.
3. Try to validate the statement made by branch manager i.e. More than 60% people
prefer banking with SBI Saving A/c.
4. Try to unearth possible dependency between saving account, education, occupation &
income.
Research Design & Methodology
5 Tomlinson and colleagues (1993) found that class gives a more powerful prediction of food consumption than income. 6 Social class did relate to a greater number of criteria than income. However, a far greater number of significant
relationships were observed when relative class income was employed (Williams, 2002). 7 More on this in Mihić (2005).
SIT Journal of Management
Vol. 3. No. 2: December 2013, Pp.324-343
Dhillon & Vachhrajani ISSN: 2278-9111
The pattern of research methodology, which pertains to this paper, shown below-
Period of the Study
The period of the study covers 8 weeks during 2010.
Type of Data
The present study used only primary data. The primary data was collected through
questionnaire to facilitate proper understanding of the study.
Designing of Questionnaire
We have prepared the questionnaire in accordance to our research objectives in which we
have used the open ended, close ended, ranking scale and likert scale to obtain the suitable
answers for our research.
Designing of Sample Survey
Sampling Unit: Sampling Units is SBI Saving Account.
Sampling Media: Personal interview & questionnaire.
Sampling Size: Estimated Sample Size is 110.
Sampling Method: Convenience method
Data Collection
Primary data has been collected through structured questionnaires. Every respondent has
been personal contacted & interviewed for collecting the data. Convenient sampling method
has been adopted while selecting the sample for this survey.
Research Hypothesis
Ho: Time period of SBI saving account and education are independent of each other
Ho: Time period of SBI saving account and occupation are independent of each other.
Ho: Time period of SBI saving account and income are independent of each other
Data Tabulation and Data Validation
After the data collection, the data was tabulated in the Microsoft Excel sheet and then
edited, validate and verified for the validity.
Tool for analysis
The data collected through structured questionnaire, was arranged sequentially and
tabulated in the systematic order. In order to analysis and interpretation of the data, simple
statistical tools like hypothesis, cross tabulation, chi-square test analysis in microsoft excel
tool were used. And is order to examine the validity of above said null hypothesis ‘t’ test was
used.
SIT Journal of Management
Vol. 3. No. 2: December 2013, Pp.324-343
Dhillon & Vachhrajani ISSN: 2278-9111
Data Analysis and Interpretation
Finally, the result that emerged that the study was analyzed and interpreted and suitable
conclusions were drawn from these results.
Table No.1
Time Period of Having Saving Account
open saving
account
Less than 6
months
6 Month – 1 year
1years - 2years
More than 2
year
1 9 12 88
Chart No. 1
As per the chart no 1, we got the result that the maximum numbers of respondent i.e.
88 having saving account for more than 2 year. And the second highest samples have saving
account for nearly 1 to 2 years.
Determination of Data Analysis Methods
Percentage and mean analysis were considered for finding out the percentage of users of
saving account and related factors. Chi-square test for independence was conducted to
unearth possible dependency between.
VAR 1. Saving Account
VAR 2. Education Indicator of Respondents.
VAR 3. Occupation Indicator of Respondents
VAR 4. Annual Indicator of Respondents.
Table2
Categories for Conductig Dependency Analysis
Variables Categories
Do not saving account(0)
1 9 12
88
0
50
100
Less than 6 months 6 Month – 1 year 1years - 2years More than 2 year
Time period of having saving account
SIT Journal of Management
Vol. 3. No. 2: December 2013, Pp.324-343
Dhillon & Vachhrajani ISSN: 2278-9111
VAR 1
Less than 6 months(1)
6Month – 1 year(2)
1years - 2years(3)
More than 2 year(4)
VAR 2
Undergraduate(1)
Graduate(2)
Post Graduate(3)
Other(4)
VAR 3
Service(1)
Businessman(2)
Professional(3)
Housewife(4)
Other(5)
VAR 4
Less than 1,50,000(1)
1,50,000 to 4,50,000(2)
More than 4,50,000(3)
Cross Tabulation and Chi-Square Test
At 5% level of Significance, the Chi-Square statistics falls in the acceptance region,
which leads to the acceptance.
Table No.3
Cross Tabulation between VAR 1 and VAR 2
Ho: Null hypothesis. (Time period of SBI saving account and education are independent of
each other)
H1: Alternative hypothesis.
VAR 2
Undergraduate(1) Graduate(2) Post Graduate(3) Other(4)
Do not SBI
saving
account(0)
1 5 14 0
Less than 6 0 0 0 0
SIT Journal of Management
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Dhillon & Vachhrajani ISSN: 2278-9111
VAR 1
months(1)
6Month – 1
year(2)
2 0 3 0
1years -
2years(3)
3 2 5 0
More than 2
year(4)
24 38 9 4
Chart No. 2
Chi-Square Calculation Value 35.504
Chi-Square Table Value 21.06
Level of Significance (Alpha) 0.05
Degree of Freedom 12
Result There is association between two variables, so Reject
the null Hypothesis
Table No.4
Cross Tabulation between VAR 1 and VAR 3
Ho: Null hypothesis. (Time period of SBI saving account and occupation are independent of
each other)
H1: Alternative hypothesis.
VAR 3
Service(1) Businessman(2) Professional(3) Other(4)
Do not SBI
saving
8
4
8
0
010203040
Do not SBIsaving
account
Less than 6months
6 month -1year
1 year - 2years
More than2 year
Undergraduate
Graduate
Post Graduate
Other
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Dhillon & Vachhrajani ISSN: 2278-9111
VAR 1
account(0)
Less than 6
months(1)
0 0 0 0
6Month – 1
year(2)
2 0 3 0
1years -
2years(3)
6 0 4 0
More than 2
year(4)
68 5 2 0
Chart No. 3
Chi-Square Calculation Value 37.538
Chi-Square Table Value 21.026
Level of Significance (Alpha) 0.05
Degree of Freedom 12
Result There is association between two variables, so
Reject the null Hypothesis
Table No.5
Cross Tabulation between VAR 1 and VAR 4
Ho: Null hypothesis. (Time period of SBI saving account and Income are independent of
each other)
0
20
40
60
80
Do not SBIsaving
account
Less than 6months
6 month -1year
1 year - 2years
More than 2year
Service
Businessman
Professional
Other
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Vol. 3. No. 2: December 2013, Pp.324-343
Dhillon & Vachhrajani ISSN: 2278-9111
H1: Alternative hypothesis.
VAR 4
Less than
1,50,000(1)
1,50,000 to
4,50,000(2)
More than
4,50,000(3)
VAR 1
Do not SBI
saving
account(0)
5 10 5
Less than 6
months(1)
0 0 0
6Month – 1
year(2)
2 3 0
1years -
2years(3)
3 7 0
More than 2
year(4)
2 67 6
Chart No. 5
Chi-Square Calculation Value 25.393
Chi-Square Table Value 15.507
Level of Significance (Alpha) 0.05
Degree of Freedom 8
Result There is association between two variables, so
Reject the null Hypothesis
0
20
40
60
80
Do not SBIsaving
account
Less than 6months
6 month -1year
1 year - 2years
More than2 year
Less than 1,50,000
1,50,000 to 4,50,000
More than 4,50,000
SIT Journal of Management
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Dhillon & Vachhrajani ISSN: 2278-9111
Table No.6
Occupation
From the above table, we got the result that the maximum respondents of sample i.e. 84 were
service class people. And the second maximums were professionals.
Table No.7
Age
Age 18 to 30 31 to 40 41 to 60 60 to above
13 37 55 5
As per the chart 7, it is clear that maximum numbers of sample 55 were between the age
group 41 to 60 years. And the second highest samples, 37 were between the age group 31 to
40years.
Table No.8
Education
Education Undergraduate Graduate Post Graduate Other
31 46 29 4
As per the chart 8, maximum numbers of sample were graduate followed by undergraduate.
Table No.9
Sex
SEX NO. OF SAMPLE
MALE 70
FEMALE 40
TOTAL 110
Occupation
Service
Businessman
Professional
Other
84 9 17 0
SIT Journal of Management
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Dhillon & Vachhrajani ISSN: 2278-9111
As per the chart 9, 63.64% were male and.36.36% were female.
Table No.10
Annual Income
Annual Income Less than 150000 150000 to 450000 More than 450000
12 87 11
As per the chart 10, our maximum respondents fall under the group having annul income of
Rs.1,50,000 to 4,50,000. And the second maximum samples 12 were between annual income
group less than Rs.1,50,000.
Table No.11
Currently Using
Currently using Saving account Current
account
Both None
59 0 51 0
As per the chart 11, 53.64% were currently using saving account only. And 46.36% were
currently using both i.e. saving as well as current account.
Table No.12
No. of Saving Account
No. of saving
account
1 2 3 Or More
56 43 6 5
As per the chart 12, we got the result that the maximum numbers of sample i.e. 56 have only
single saving account.
Table No.13
Bank Prefer for Saving Account
Bank
Prefer
SBI Bank of
Baroda
Dena
bank
Bank of
India
Central
bank of
India
ICICI
HDFC AXIS
BANK
90 4 1 2 4 6 0 3
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Vol. 3. No. 2: December 2013, Pp.324-343
Dhillon & Vachhrajani ISSN: 2278-9111
Chart No. 6
As per the chart no 6, 81.82% preferred to do banking with SBI’s saving account. Here SBI
has outperformed as compared to its competitors.
Table No.14
Saving Account with SBI
Saving A/C
Male Female Total
59 31 90
As per the chart 13, we got the result that sample of male 59 have saving account in
SBI. And the samples of female 31 have saving account in SBI.
Table No.15
Satisfied with Services of SBI Saving Account
Satisfied with
Services
Male Female Total
59 31 90
As per the chart 15, we got the result that sample of male i.e.59 have satisfied with
service of SBI saving account. And the samples of female i.e. 31 have satisfied with service
of SBI saving account. That means 100% for SBI.
Table No.16
Like to Open a Saving Account with SBI.
020406080
100
SBI Bank ofBaroda
Denabank
Bank ofIndia
Centralbank of
India
ICICI HDFC AXISBANK
Most Preferred Bank
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Dhillon & Vachhrajani ISSN: 2278-9111
Open a saving
account
Male Female Total
7 3 10
As per the chart 16, we got the result that sample of male i.e.7 and the samples of
female i.e. 3 are like to open saving account with SBI
Finding
From the statistical methods like Chi-Square, Cross Tabulation and Hypothesis, we
came to know that there exists certain positive relationship between various variables. They
are as under:-
Time period of SBI saving account and occupation are dependent of each
other
Time period of SBI saving account and Income are dependent of each
other
Time period of SBI saving account and education are dependent of each
other
And from other data we got:
1. From the complete study of this project we came to know that the people of Vadodara city
are having knowledge of saving account. They can at least understand the basic things about
saving account .They are using like,
Risk factor
No. of Branch
ATM Facility
Brand image
Trust worthiness
Liquidity
2. Since this project is bases on saving account in SBI, the middle class people are safety
conscious, so they keep in mind the criteria of selecting saving account based on safety, after
all the Financial constraints are the important one! Also they are focused on having good
services like,
Core banking
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Dhillon & Vachhrajani ISSN: 2278-9111
Tele banking
Net banking
Discount facility
Fund management
Additional benefits
(Accidental insurance, free demat a/c)
3. People prefer SBI saving account because it’s given maximum number of services to
people at reasonable rate with maximum security with minimum risk involvement.
4. We were surprised to find that all the respondents who were banking with SBI’s saving
account were satisfied.
Conclusion
In our study we conclude that more of the respondent’s occupation is service, on an
average their annual income is between Rs. 150000 to 450000 and saving account available
or used by them is for more than 2 years.
The main factors behind opening SBI’s saving account is safety, core banking
and trust worthiness. From the Research, we came to know that majority of the respondents
prefer SBI’s saving account over its competitors.
Users are ready to open saving account for the following configurations;
Core banking
Liquidity
Trustworthiness
Brand image
ATM Facility
Credit Facility
No. of Branch
Net banking
Discount facility
Fund management
Recommendations
SIT Journal of Management
Vol. 3. No. 2: December 2013, Pp.324-343
Dhillon & Vachhrajani ISSN: 2278-9111
From the findings and conclusion, we came to know that most of the respondents are
safety conscious. So SBI bank should try to focus more on safety issues, which is almost
important for middle class people and also provide them maximum services at reasonable
cost so that they can have more satisfaction with saving account.
Limitations of the Study
1. Sample Size was limited to 110 respondents only and unable to represent the whole
population.
2. The research is limited to Vadodara city only, if the research would have been carried
in another city, then result could vary.
3. The finding of this study will be based on the assumption that the respondents will
give true information.
4. Limited time will be available for research
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