India and Australia will play seven ODIs and a Twenty20 International.
Apart from Ranchi, other venues for the One-dayers will be Bengaluru, Pune, Mohali, Nagpur, Jaipur and Cuttack.
Rajkot will host the lone T20 international of the limited overs series.
The decision was taken at the Tour Programme and Fixtures Committee of the BCCI, which met in Kolkata this afternoon.
The exact dates and sequence of the series will be announced later.