diff --git a/hack/bump_chart_version.sh b/hack/bump_chart_version.sh
index 9187fabd..7f5445dc 100755
--- a/hack/bump_chart_version.sh
+++ b/hack/bump_chart_version.sh
@@ -7,9 +7,11 @@ if [ "$#" -lt 2 ]; then
     echo "  --bump-minor-version       : Bump minor version and set patch to 0"
     echo "  --bump-major-version       : Bump major version"
     echo "  --bump-patch-version       : Bump patch version"
+    echo "  --bump-tag-version         : Bump tag version"
     echo "  --bump-minor-app-version   : Bump minor app version and set patch to 0"
     echo "  --bump-major-app-version   : Bump major app version"
     echo "  --bump-patch-app-version   : Bump patch app version"
+    echo "  --release                  : Release the chart, hence removing the tag from the version"
     exit 1
 fi
 
@@ -31,28 +33,39 @@ fi
 # File path to the YAML template relative to the script's directory
 CHART_FILE="${CHART_DIR}/Chart.yaml"
 
+VERSION="version:"
+APP_VERSION="appVersion:"
+
 # Function to bump the version
 bump_version() {
     local line_name="$1"
     local increment_type="$2"
+    local should_release="$3"
     local version_line=$(grep "^${line_name}" "${CHART_FILE}")
     local current_version=$(echo "${version_line}" | awk '{print $2}')
     local major=$(echo "${current_version}" | cut -d '.' -f1)
     local minor=$(echo "${current_version}" | cut -d '.' -f2)
-    local patch=$(echo "${current_version}" | cut -d '.' -f3)
+    local patch=$(echo "${current_version}" | cut -d '.' -f3 | awk -F-rc '{ print $1 }')
+    local tag=$(echo "${current_version}" | awk -F-rc '{ print $2 }')
     
     case "${increment_type}" in
         minor)
             ((minor++))
             patch=0  # Reset patch version to 0 after bumping minor version
+            tag=0
             ;;
         major)
             ((major++))
             minor=0
             patch=0
+            tag=0
             ;;
         patch)
             ((patch++))
+            tag=0
+            ;;
+        tag)
+            ((tag++))
             ;;
         *)
             echo "Invalid increment type"
@@ -60,15 +73,24 @@ bump_version() {
             ;;
     esac
 
-    new_version="${major}.${minor}.${patch}"
-    sed -i "s/^${line_name} .*/${line_name} ${new_version}/" "${CHART_FILE}"
+    if [ "$line_name" = "${VERSION}" ]; then 
+        if $should_release; then
+            new_version="${major}.${minor}.${patch}"
+        else
+            new_version="${major}.${minor}.${patch}-rc${tag}"
+        fi
+    else
+        new_version="${major}.${minor}.${patch}"
+    fi
+
+    sed -i "s/^${line_name} .*$/${line_name} ${new_version}/" "${CHART_FILE}"
 }
 
 # Check if at least one version bump flag is provided
 has_version_bump_flag=false
 for flag in "${FLAGS[@]}"; do
     case "$flag" in
-        --bump-minor-version|--bump-major-version|--bump-patch-version|--bump-minor-app-version|--bump-major-app-version|--bump-patch-app-version)
+        --bump-minor-version|--bump-major-version|--bump-patch-version|--bump-tag-version|--bump-minor-app-version|--bump-major-app-version|--bump-patch-app-version|--release)
             has_version_bump_flag=true
             ;;
         *)
@@ -83,26 +105,38 @@ if ! $has_version_bump_flag; then
     exit 1
 fi
 
+should_release=false
+for flag in "${FLAGS[@]}"; do
+    case "$flag" in
+            --release)
+                should_release=true
+                ;;
+    esac
+done
+
 # Parse flags and bump versions accordingly
 for flag in "${FLAGS[@]}"; do
     case "$flag" in
         --bump-minor-version)
-            bump_version "version:" "minor"
+            bump_version "${VERSION}" "minor" ${should_release}
             ;;
         --bump-major-version)
-            bump_version "version:" "major"
+            bump_version "${VERSION}" "major" ${should_release}
             ;;
         --bump-patch-version)
-            bump_version "version:" "patch"
+            bump_version "${VERSION}" "patch" ${should_release}
+            ;;
+        --bump-tag-version)
+            bump_version "${VERSION}" "tag" ${should_release}
             ;;
         --bump-minor-app-version)
-            bump_version "appVersion:" "minor"
+            bump_version "${APP_VERSION}" "minor" false
             ;;
         --bump-major-app-version)
-            bump_version "appVersion:" "major"
+            bump_version "${APP_VERSION}" "major" false
             ;;
         --bump-patch-app-version)
-            bump_version "appVersion:" "patch"
+            bump_version "${APP_VERSION}" "patch" false
             ;;
     esac
 done