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This is a very unhealthy practice. What often happens when you do this is that the blood flow is restricted to the area, the testicles will fall off as a result but infection usually sets in and this can kill the rabbit. You need to remove the rubber band and see your vet to discuss your options.
Let me know if you still have questions.
While this used to be an acceptable practice in farm life, it is not acceptable any longer.
When you do it, the muscles atrophy below the band and they eventually die and this renders the animal sterile. You should also keep in mind that this will not work if the testicle has not completely dropped. The animal will still be fertile.
Your local humane society can direct you to a facility or vet that offers low cost neutering for you if money is a problem.
I don't mean to be blunt but can you just image how painful this would be if was your testicles in the rubber band.
Let me know if you still have specific questions about this. I can tell you what I know.