This festival is celebrated on the Full Moon day of the Shraavan Maas to end the women's parents' house festivals. After this they go to their husband's house.

This is the festival of brothers and sisters. This day the sisters tie Raakhee on the right wrist of their brothers to take the promise that they will always protect them from every evil. That is why this festival is called Rakshaa Bandhan. On this day you will find all brothers with Raakhee on their wrist, and Teekaa on their forehead.

This festival is for Braahman also. They change their Yagyopaveet on this day and wish good luck and happiness to their Vaishya families by tying the sacred thread on their right hand wrists.

This festival has a long history:

In Mahaabhaarat, once Paandav were doing an auspicious Yagya. They invited many kings. When the time came for job distribution, Lord Krishn accepted the job of washing the feet of all guests and cleaning all used utensils. There came Shishupaal also. Shishupaal started abusing Lord Krishna that He was not supposed to be there with all reputed kings, because he was only a son of milkman.

Paandav got very angry at this, but Lord Krishn stopped them to take any action. He waited, and waited till Shishupaal abused Him 100 times. Then Lord Krishna said, "Shishupaal, now your time has elapsed. If you abuse me even once more you will invite your death."  But Shishupaal was very proud of his status. He did not stop there, but continued abusing Lord Krishn.

As soon as he abused next time, Lord Krishn invoked Lord Vishnu's Chakra and ordered it to separate his neck from his rest of the body. Now the Chakra was too hard for Lord Krishna's mortal body of this world, so He cut His finger.

Draupadee, Paandav's wife, was also in that court. She immediately got up and without any second thought, she tore her royal robe and tied a strip on Lord Krishn's finger. Lord Krishn said, "Draupadee, today I am indebted to you. If the time will permit I will surely pay off your debt."

Then, when the Paandav lost everything in the dice game played with Duryodhan, including Draupadee, Duryodhan called Draupadee in the court. When she did not come, then he sent Dushaasan to bring her pulling by her long black beautiful hair (Draupadee had the most beautiful hair in the world).

Dushaasan obeyed his elder brother unwillingly. Then Duryodhan ordered Dushaasan to pull her dress in the court until there was no cloth on her body. Dushaasan closed his eyes and did this also unwillingly. Draupadee called Lord Krishna for her help. Now was the time for Lord Krishn to return His debt, which Draupadee gave Him by tying only a strip of cloth.

Lord Krishna increased the amount of her cloth to such an extent that Dushaasan got damn tired pulling her dress, but he could not get it all off. That is how Lord Krishn protected Draupadee in exchange of only a strip tied on His finger.

Now the form of this idea has changed, and many expensive Raakhee are in fashion, but it is not necessary. The feelings are the same.

There are other stories too. One Hindoo queen tied Raakhee even to a Moslem king to protect her, and the Moslem king did protect her.