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The accident occurred near Bikram Chowk late Friday night, they said.
The bus driver, who was speeding, lost control of the vehicle while crossing the Tawi bridge. The bus smashed the concrete fence of the bridge before landing on the river bed, resulting in the death of two occupants whose identities are being ascertained, the police said.
In a separate incident, 27 passengers were injured after a speeding bus overturned on the Battal Ballain bridge in Udhampur district along the Jammu-Srinagar national highway in the early hours of Saturday, according to the police.
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They said the injured were rushed to a nearby hospital. Later, six of them were referred to Government Medical College (GMC) here for specialised treatment.