Two men targeted the TSB branch in Kirkcaldy’s Dunearn Drive at around 10.40am.
The pair demanded cash, threatening staff at the premises with the weapons during the “frightening” raid. No-one was injured.
They then made off with a sum of money on two bicycles along Alford Avenue.
The amount of money stolen has still to be established, police said.
Officers have stepped up patrols in the area and are appealing to the public for information.
The suspects were both wearing dark clothing, including black caps, and had green carrier bags.
Chief Inspector Stevie Hamilton, the local area commander, said: “Fortunately no-one was injured in what was a frightening incident for the staff and customers at the bank.
“Officers are currently speaking to witnesses, carrying out searches of the area and making inquiries at neighbouring premises.
“The two men approached on bikes from Alford Avenue and left again in the same direction, so I’m keen to speak to anyone who may have seen them before or after the robbery so we can establish their movements.
“Officers will be carrying out extra patrols of the area, so anyone with any information can speak to them, call Kirkcaldy CID on 101 or ring Crimestoppers anonymously on 0800 555 111.”
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