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Laxman, who runs the National Cricket Academy, has had other short-term stints as India's coach, namely the tours of Ireland and Zimbabwe earlier this year, as well as the last month's home ODI series against South Africa. He was also in charge of the India Under-19 side that won the ODI World Cup in February.
India's tour of New Zealand will kick off with a three-match T20I series next Friday in Wellington.
Dravid will return to his coaching duties when India travel to Bangladesh immediately after the New Zealand tour. India play the third ODI against New Zealand on November 30 and will then play the first of three ODIs against Bangladesh on December 4.
Allrounder Hardik Pandya will captain India in the T20I series, while Shikhar Dhawan will lead the team in the ODIs.
On Thursday, India were knocked out of the T20 World Cup as England thrashed them by 10 wickets in the semi-final. The members of the Indian team who are not part of the New Zealand tour have already started dispersing from Australia, according to reports. While Kohli left from Adelaide, Rahul and Rohit are also expected to fly out soon.