The guards were on their way to a bank to deposit the money when the gunmen struck, they said.
Security guard Ram Vilas Tiwari succumbed to bullet wounds while Ramesh Chandra Gupta was in critical condition in a hospital, SP City Umesh Kumar Singh said.
The security guards left the Govradhan sari showroom in Generalganj area in the afternoon to deposit Rs 18 lakh in a bank, he said.
Two motor-cycle borne youths fired bullets at them from a close range near the showroom, the SP said.
They snatched the bag containing Rs 18 lakh and sped away on their bike, he said.
On hearing the news, traders gathered in the area and staged a protest.
