Prime Minister Modi also presented President Mukherjee with a memento.
The dinner also saw President-elect Ram Nath Kovind present at dinner.
The farewell dinner was also attended by Bihar chief minister Nitish Kumar, senior ministers and many Opposition leaders.
President Mukherjee will also be given farewell by MPs on Sunday in the Central Hall of Parliament.
He was also given a farewell by the Chiefs of Staff Committee on Friday.
The function was held at the Manekshaw Centre, where the President interacted with senior military officers and paid tributes to the martyrs and their families for their sacrifices for the nation.