Are there any banks in India currently that allows you to sweep in your monthly income to multiple sub-accounts?
These sub-accounts can be used for:
Saving- One can use this sub-account to automate saving every month.
Monthly Expenses- All expenses such as rent, bills, etc. are paid from this account.
Long term saving for big purchase/vacation etc.- Certain percentage of fixed income goes to this every month.
I currently use multiple bank accounts for this purpose but is a tedious process to switch between different accounts. It’d be cool to have one bank account that allows you to divide your income into multiple sub-accounts.
This can be even automated or for every deposit made to the account, the money can be diverted to sub-accounts with a single click (based on % allocated for each sub-accounts). Tada!
Is there any solution like this that exists?