Tropical cyclones do not form easily near the equator but can intensify rapidly, leaving little time for preparation. We investigated the number of near-equatorial (originating between 5°N and 11°N) tropical cyclones over the north Indian Ocean during post-monsoon seasons (October to December) over the past 60 years. A marked 43% decline in the number of such cyclones was detected in recent decades (1981-2010) compared to earlier (1951-1980). This decline in tropical cyclone frequency is primarily due to the weakened low-level vorticity modulated by the Pacific Decadal Oscillation (PDO). In the presence of basin-wide warming at low latitudes, and a favorable phase of the PDO, both the intensity and frequency of such cyclones is expected to increase. Such dramatic and unique changes in tropical cyclonic activity due to the interplay between natural variability and climate change call for appropriate planning and mitigation strategies.