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Previous skipper Gavin Hamilton stepped down following last Saturday's one-day international defeat by England because of work commitments.
Drummond, who steps up from his vice-captain role, has been tipped to shine for the Saltires.
"He is a natural leader, has a good cricketing brain and has led from the front in his games as captain," said chairman of selectors Iain Kennedy.
Hamilton, who took part in the the 1999 and 2007 World Cups for the Saltires, succeeded Ryan Watson in May 2009.
But he has handed the reins to Drummond after admitting work commitments made it impossible to continue in the role, though he will continue to play for his country.
"We are very grateful to Gavin Hamilton for all his efforts as our captain over the last year," said Kennedy.
"He took over at a difficult time and has been instrumental in the change process we are undertaking in the national squad. He agreed to take on the role whilst we identified a long-term successor."
Kennedy expressed confidence that Scotland's new captain would drive the national side forward.
"It is important that we have stability in leadership as our new team takes shape and Gordon will give us this in all forms of the game," he added.
The Carlton all-rounder will take formal charge for the first time in this week's two games against the touring India A side at Titwood on Wednesday and Friday.
