Police are appealing for information after $700 was stolen from the shirt pocket of an elderly man on Chapel Street last month.

The 89-year-old had just withdrawn the cash from a bank on the Prahran shopping strip about 3.55pm on March 9 before he was robbed.

Police said the victim counted his cash inside the foyer of the bank before he placed it in his shirt pocket and moved to a nearby cafe.

It was here that an unknown man approached the victim and spoke to him briefly before he grabbed the money from his shirt pocket and ran away.