I followed the following instructions to achieve what I wanted to do.
Create a Rules component of type 'Action Set' and call it 'Send Notification'. Add a Variable of 'Entity: Node', give it a label
and machine name of 'node'.
Add an action to the loop (note: add it to the loop and not the
component) of 'System: Send Mail'.
Add a new rule and call it 'On new event', to react on 'Node: After
saving new content'. Restrict it to the custom content type.
Add an action to this rule, 'Rules schduler: schedule component
evaluation', and select the 'send notification' component you created
Set the evaluation date to node:field-event-date.
Add an offset: -1 days (optional)
Add an identifier of 'node-[node:nid]-event' and note its pattern as
you will be using it to delete events.
Select the Node as 'node'
Source: Send reminder to referenced users day before event date in cck date field