Ipc 501 506

The punishment under Section 501 is imprisonment for a term which may extend to 2 years or fine, and the offense is classified as compoundable by the defamed person, meaning you can try and settle the case by private arrangement under section 320 of CrPC. Likewise, under section 506 of the IPC, the offense is compoundable by the person intimidated, however, please note that if you threatened to kill or seriously injure someone, the offense becomes non-compoundable.

Anyhow, both the offenses are bailable. If you are arrested, getting released on bail is your absolute right. That's to say if you are able to furnish the necessary amount of bail, the court is bound to have you released and it's not upto its discretion. You can also apply for anticipatory bail (s-438, CrPC) which, if granted, will allow your immediate release at the time of arrest.