However, England consolidated their position at the top of the T20I table after the annual update carried out on Monday.
New Zealand, who defeated Bangladesh 3-0 in their only ODI series during the past year, have moved up two slots in the MRF Tyres ICC Men's ODI Team Rankings after gaining three rating points to reach an aggregate of 121.
Australia are second with 118 points, while India and England are on 115, the former ahead on decimal points.
England's slide to fourth comes in the second annual update since they won the ICC World Cup at Lord's in 2019. In the past 12 months, they have suffered 2-1 series losses to Australia and India, as well as an ODI defeat to Ireland.
The latest update, that rates all matches played since May 2020 at 100 per cent and those of the previous two years at 50 per cent, sees Australia move up two places from fourth to second and India drop one place to third.
The West Indies have overtaken Sri Lanka to ninth position.
England remain the top-ranked side in the ICC Men's T20I Team Rankings, extending their lead over India to five points. During this period, they drew a three-match series against Pakistan 1-1, defeated Australia 2-1 and South Africa 3-0 before losing an away series to India 2-3.
New Zealand have also gained in the annual T20I update, moving up from fifth to third after series wins over the West Indies, Pakistan, Australia and Bangladesh. Australia have moved the other way, down from third to fifth.