The man had withdrawn a large sum of cash from the bank and had driven his vehicle into the parking lot of a business premises where the gang of armed robbers attacked him.
One of the men fired a shot at the driver’s door window to gain access to the vehicle.
The municipality said it has not commissioned any officials or service providers on its behalf to gather information on their pensioners or any customers.
The third suspect is still on the loose.
The suspect tried to flee on foot after the car he was driving crashed and overturned.
One of the attackers ran towards a taxi rank where he fell and died.
The roads that were hardest hit include Underwood Road, Maurice Nichols Road, 7th Avenue, Mariannhill Road, Caversham Road and Wood Road.
The four people in the vehicle were on their way home from the funeral of Mariannhill police officer Bhekisigcino Khwela in KwaNdengezi when they were attacked.
An emotional voice note from a woman in Queensburgh is spreading via social media about how she narrowly missed being stuck in the middle of an alleged armed robbery thought to have taken place at a Malvern Bank today.
Khwela was the second policeman to have been murdered on Tuesday.
The community applauded the police for their tireless work in tracing the suspects.