It is considered as the most austere and hence, most sacred of Ekadashis. If observed religiously, it is said the most rewarding and granting the virtue gained by the observance of all 24 Ekadshis in the year.

This day is also known as Pandava Bhima Ekadashi. It is named after the strongest of the five Pandava brothers. The Brahma Vaivarta Purana narrates the story behind the vow for the Nirjala Ekadashi fast. Bhima, an ardent lover of food, wanted to observe all Ekadashi fasts, but he had a hard time in keeping his hunger under control. He asked sage Vyasa for advice. The sage advised him to observe Nirjala Ekadashi, when for one day in the year, he should observe an absolute fast. According to beliefs, Bhima attained the virtue of all 24 Ekadashis, by observing Nirjala Ekadashi.

Parana means breaking the fast. Ekadashi Parana is done after sunrise on next day of Ekadashi fast. It is necessary to do Parana within Dwadashi Tithi unless Dwadashi is over before sunrise. Not doing Parana within Dwadashi is similar to an offence. It is also believed that by performing the fast for Nirjala Ekadashi, one can set himself/herself free from the cycle of birth and death. The devotee who observes the fast of Nirjala Ekadashi attains Moksha and goes straight to the Vaikunth, after death.

It is believed that the observer of this fast gains longevity and moksha. In the legends, the messengers of the god of death Lords Yama are described to fetch the person's soul after death. Yama then judges the person's deeds and sends him to Svarga or Naraka. However according to popular beliefs, one who observes the Nirjala Ekadashi rituals is believed to be excused Yama's judgement and taken by messengers of Vishnu to Vaikuntha, the abode of Vishnu, after death.