The transfers mark the first time an Australian authorised deposit taking-institution (ADI) has undertaken a return of deposits to its customers.

Xinja has transferred its remaining 4,176 accounts with a total deposit value of $65,809 into new or customers’ existing NAB accounts.

Of the remaining customer accounts, the fintech reported most had been inactive for more than 90 days and 80 per cent had less than $5 in their account.

Xinja began returning deposits on 16 December, after it signalled it would cease to be a bank and hand back its ADI license to APRA.

It also decided to return a $400 million cash injection from Dubai-based Emirates World Investments.

At the time, the neobank had 37,884 customers with 54,357 individual deposits worth more than $252 million.

Xinja is now set to relinquish its banking licence formally to APRA in the coming weeks.

The company has signalled it will be looking to refocus its business in other areas, such as its US share trading product, Dabble.

APRA formally approved the deposit transfer using its powers under the Financial Sector (Transfer and Restructure) Act 1999 and Banking Act 1959.