Rakshanbandhan is celebrated on Shravan Purnima (full moon day in month of Shravan), which is also last day of Shravan month (fifth month of Hindu Lunar Calender that starts after mid July and ends in month of August)
On this day, sisters tie Rakhi / thread on wrist of their brothers, which is considered to be pledge of protection hence name Rakshabandhan(Raksha means protection and bandhan means bond). Sisters give their blessings and good wishes and pray for their brothers’ health and prosperity while brothers pledge to protect and care for them.
Ritual starts with applying roli and akshat on brothers forehead , followed by tying Rakhi/rakshabandhan and feeding sweets to brother. Brothers bring gifts for sisters. Ritual is not only celebrated among siblings but also among cousins and foster bothers and sisters and in some regions rakhi is tied to sister-in-law(brother’s wife) too.
There are many folklores around festival most popular being; Draupadi(queen of Pandavas) saw Lord Krishna’s finger bleeding, she tore a piece of cloth from her saree and tied it around his finger. Lord Krishna was gratified by her gesture and promised to protect her and her family. When Draupadi was disrobed by Dushasan, Krishana came and saved her from humiliation.
There is no particular time period that can tell exact history but its one of most popular festivals of North India.
Rakshabandhan is time to cherish siblings’ bond and to recreate few more beautiful memories with your most trusted “partner in crime” , someone whom you have loved, hated, respected and protected all at same time.