Originating from Sanskrit, the term Raksha Bandhan translates as “bond of protection.”
Observed on the full-moon day during Shravana (July-August), the 5th month in the Hindu lunar calendar, Raksha Bandhan is a popular Hindu holiday celebrating the love between a brother and sister.
On this day, a sister ties a threaded amulet, known as a rakhi, around a brother’s wrist, honoring their relationship. The bracelet symbolizes the brother’s oath to protect his sister throughout her life, and the sister’s prayers and blessings for protection and wellbeing of her brother. He then gives her a gift, signifying his acceptance of this duty.
Though Raksha Bandhan is specifically related to the bond of a brother and sister, the holiday is ultimately a message of the universal brotherhood and sisterhood that can be recognized amongst all people. Because of this, rakhi are often tied between spouses, friends, and even gurus.
Sourced from https://www.hinduamerican.org/blog/5-things-to-know-about-raksha-bandhan