Anantnag police have registered a case and investigating is on.
"We have studied the CCTV footage and we found that Hizbul terrorists are involved in the robbery. Efforts are on to arrest the culprits," a senior police officer said.
After Prime Minister Narendra Modi's demonetisation announcement in November last year, the number of bank robberies in the Valley has gone up. Over a dozen banks have been targeted since.
Last month, Jammu and Kashmir police had arrested Sandeep Kumar Sharma from UP's Muzaffarnagar for allegedly helping fund Lashkar-e-Taiba's terror activities by looting banks and ATMs in the Valley.
In June, unidentified persons in Pulwama took away an automated teller machine (ATM) of a private bank that had Rs 5.40 lakh. In a similar incident in April, thieves decamped with a State Bank of India ATM containing Rs 12.18 lakh in Anantnag.
Earlier in May, five policemen and two guards from a private company were killed when terrorists attacked a bank vehicle in Kulgam. Hizbul Mujahideen has claimed responsibility for the attack.
Two days later, two banks in Pulwama were robbed by terrorists in a span of two hours. Nearly Rs 6 lakh in cash was taken.