Ravindra will miss all five matches in the T20I series that starts on 22 November with the aim of being fit for the five ODIs that will follow from 4 November, on a tour that will also include two Tests.
"We're gutted for Rachin," New Zealand head coach Rob Walter said. "He's going to play a big role for us this summer so it's important that he doesn't rush his rehab, but we're optimistic he'll be back for the ODIs."
The New Zealand selectors have decided to include a larger pool of fast bowlers in the squad, with a busy international ahead that will also see the Black Caps tour Australia for a four-match Test series during the festive period.
"Our priority is winning games and putting the best team on the park, but we also have to keep in mind the volume of cricket in the coming months," Walter said.
"We're very fortunate with the depth that we've got to call upon, so we'll look to use all 16 squad members throughout the series as we manage workloads.
"We've got a near full-strength squad that covers all bases and I'm excited to see how we compete against the current T20 world champions."
New Zealand T20I squad: Mitchell Santner (captain), Finn Allen, Michael Bracewell, Mark Chapman, Devon Conway, Jacob Duffy, Lockie Ferguson, Zak Foulkes, Matt Henry, Bevon Jacobs, Kyle Jamieson, Adam Milne, Daryl Mitchell, Glenn Phillips, Tim Seifert, Nathan Smith
New Zealand allrounder Rachin Ravindra could be a doubt for next month's home T20I series against India after dislocating his right shoulder while doing a promotional shoot earlier this week.
New Zealand white-ball captain Mitchell Santner has declined a lucrative offer from Australian Big Bash League side Adeliade Strikers to remain in contention for Test selection.
New Zealand captain Tom Latham heaped praise on his squad for how they stuck to their guns and played "brave" cricket before completing a 2-1 Test series victory in England.
New Zealand took the last six England wickets on the fifth day at Trent Bridge to seal a 160-run win in the final Test to complete a come-from-behind 2-1 series victory.
