Banks broke his nose at Craven Cottage on the opening day of the 1962–63 season, in a 2–1 defeat by Fulham. Leicester went to chase a possible double, reaching the FA Cup semi-finals whilst lying top of the table in April. City beat Liverpool 1–0 at Hillsborough to reach the final, with Banks keeping a clean sheet despite his goal being under a near-constant siege from the Merseyside club. The "News of the World" reported that Liverpool had had 34 attempts on goal to Leicester's one, and Banks later stated that it was his finest performance at club level. Unluckily, Banks then broke a finger in a 2–1 defeat by West Bromwich Albion at The Hawthorns, and was out injured as Leicester lost their final three league games, ending the season in a disappointing fourth place. In the 1963 FA Cup Final Banks and the rest of the team underperformed, and lost the game 3–1 to Manchester United.