Ray tracing has been extensively used to simulate indoor channel characteristics. For an ultra-wideband system, the channel characteristics vary significantly over the entire bandwidth. To cope with this, sub-band divided RT has been proposed by dividing the frequency of interest into multiple subbands and superposing the RT results at the individual center frequency of each subband. Thus, the computational complexity is directly proportional to the number of subbands. In this paper, we propose a mathematical method to significantly reduce the computational complexity of the sub-band divided RT, making it almost independent of the number of subbands. It is important to note that, based on our approach, not only the determination of the rays reaching a give location is made only once, but also the electromagnetic calculation of the received signal is not needed to perform repeatedly. The accuracy of low-complexity subband divided RT algorithm is verified through a measurement campaign.