The gods (Devas) and demons (Asuras) agreed to churn the ocean together using Mount Mandara as the churning rod and the serpent Vasuki as the rope, to recover fourteen divine treasures that lay within. From the churning emerged, one by one: the divine physician Dhanvantari carrying a pot of Amrit (nectar of immortality), Lakshmi the goddess of wealth, the divine horse Ucchaishravas, the wish-fulfilling tree Kalpavriksha, and others. Dhanvantari's emergence — bearing the pot of Amrit and the complete knowledge of Ayurvedic medicine — is what Dhanatrayodashi celebrates. He is worshipped as the god of medicine across India, and Dhanvantari Jayanti is the basis of India's National Ayurveda Day.

The second story is more intimate. A king's son was prophesied to die by snakebite on the fourth day of his marriage. His young wife refused to accept this. On the predicted night, she surrounded the entrance of their room with gold ornaments, kept all the lamps blazing, and stayed awake all night telling her husband stories and singing to keep him alert. When Yama's serpent came to collect the soul, it was blinded by the light and gold and could not enter. The husband survived. This story is the origin of both the gold-keeping tradition and the Yama Deepam lamp lit facing south — the direction of death — on Dhanteras night.

Regional traditions across India have developed their own Dhanteras customs over centuries. In Maharashtra, new utensils are purchased and coriander seeds are part of the offerings. In Gujarat, shopkeepers perform Chopda Puja — the worship of account books — on Dhanteras, marking the beginning of the new financial year. In Rajasthan, cattle and livestock are decorated and worshipped. In South India, particularly in Karnataka, Dhanteras overlaps with the Navaratri season's conclusion.

The auspicious window for buying gold is the Pradosh Kaal — the period beginning roughly 45 minutes after sunset on November 6, extending for about 2.5 hours. Indian jewellers specifically extend their hours on Dhanteras evening, and many families plan their purchase months in advance. The purchase can be any metal: gold jewellery, a gold or silver coin, silver utensils, or even steel and brass vessels for the kitchen — the ritual intention covers all metals.

The Yama Deepam ritual is observed pan-India: a four-faced clay lamp (sometimes a single lamp) is lit at the south-facing entrance of the home in the evening and kept burning through the night. The south is Yama's direction (Pitru Disha) in Hindu cosmology, and the lamp is both a prayer for protection from untimely death and a mark of respect to Yama's authority.

In many business communities — particularly Marwari, Gujarati, and Sindhi — Dhanteras is the beginning of the new business year. Account books are closed, new ones are opened, and Laxmi-Ganesha Puja is performed at the workplace. The concept of *Shubh Labh* (auspicious profit) begins on this night.