The dacoits came in three motor-bikes and four of them entered the branch under Gurunida police limits, about 120 km from here, around mid-day while two others waited outside.
They threatened the staff members and customers at gun-point and damaged the CCTV installed in the branch.
The dacoits forcibly took the cash from the cash counter and asked the Manager in-charge Praksh Chandra Sahoo to open the strong room.
When Sahoo denied to do so, he was assaulted. The dacoits forced him to open the strong room and decamped with gold ornaments and cash but not before firing three rounds in the air to create panic among the staff members and general public, police said.