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Only accept the offer if you are really frustrated with the current company.

See most of us have a time frame between switching. Usually people switch after 3 or more years only. If you accept this offer and dont get any other offer you'll be wasting 1 of your switches.
8 fixed to 10 fixed is nothing. That's like 25% raise.
Atleast get an offer of 12fixed and than put on your papers.
Get atleast a 50% offer.
Your package is on the lower side, so it shouldn't be that difficult.
If you were earning 20 and asked if you should switch to 28, That's a fair game as 20 is high already but in your case, 8 is not that high and you should not accept anything below 12

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U r underpaid, u should get atleast 18lpa

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You can if you have an offer paying more than what this one has offered.
One of my friend did and got a revised offer.

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