Legend has it that once Lord Indra was almost on the verge of losing a long drawn battle against the demons. Indra, dejected and despondent, sought Brihashpati's advice. Indra's wife also came forward to help her husband. She prepared a talisman and tied it around Indra's wrist. It helped Indra ward of the attack of the demons and emerge triumphant.

Lord Yama, the God of Death, had a sister Yamuna. On every "Shravan Purnima", she used to tie a sacred thread (Rakhi) on her brother's wrist. Since then it became a tradition for sisters to tie Rakhi to their brothers on this day praying for their long and healthy life. The brothers, in turn, bestow blessings on their sisters.

King Bali was a pious devotee of Lord Vishnu. Lord Indra felt so insecure that he was bound to plead with Vishnu to help him to save his throne. Acting on Indra's request, Vishnu overthrew Bali beneath the earth. When Bali asked Lord Vishnu about the treatment meted out to him, the latter blessed him with the boon of immortality along with the promise that he would take care of his kingdom. True to his words, Lord Vishnu left "Vaikunthdham" to safeguard Bali's kingdom. Goddess Laxmi, the wife of Lord Vishnu, paid a visit to Bali, diguised as a poor brahmin lady, and requested him for a shelter. She regarded Bali as her brother and therefore tied a Rakhi on to him on the "Shravan Poornima" day. When Bali expressed his desire to give her some gifts, she disclosed her identity and added that she came here because Lord Vishnu is here to guard Bali's kingdom. So if it is feasible for him he should send Lord Vishnu back to "Vaikunthdham". Raja Bali immediately requested Lord Vishnu and Goddess Laxmi to return.

Alexander was locked in a fierce battle with Porus who proved quite strong as an adversary. Moreover, Alexander's men were exhausted and the prospects looked quite dim for him. Sensing danger, Alexander's wife met Porus before the night of the final attack. She is said to have tied a silken string around Porus's wrist, imploring him to spare her husband. Porus, who was famous for his nobleness, ageed to the request. The next day on the battlefield, Porus came very close to killing Alexander, but he was reminded of the promise he made to Alexander's wife and desisted from killing his enemy at the cost of getting defeated himself.

When Chittor was ruled by the Rajputs, the kingdom had a widowed queen, Rani Karnawati. When Bahadur Shah of Mewar decided to attack Chittor, Rani Karnawati sent a Rakhi to Humayun, the Mughal ruler, asking for his help. Humayun was touched by this gesture as he was aware of the significance of Rakhi in the Hindu community. Humayun reached Chittor with his army to protect Karnawati. But unfortunately, by the time he reached Chittor, all the Rajput women had already killed themselves by committing mass suicide (satis) to save their honour.