Use of energy sensibly, based on the availability of Time of Day (ToD) tariff, is the most important tool in demand side management. ToD offers a variety of prices at different time intervals and generally remains same for all seasons. This paper presents an overview of electricity tariff structures, objectives of tariff policy, slab wise tariff structure, major components of electricity tariff and reason for tariff hike in Maharashtra state. It is observed that the slab wise tariff is compulsory for residential consumers whereas ToD tariff is compulsory for non-residential consumers. Due to the modern lifestyle, energy consumption of residential consumers is also increasing; so now onwards, the slab wise tariff will not work for controlling electricity bill. The right solution will be ToD tariff, which is already available but only for non-residential consumers. Therefore, a survey is carried out in Nagpur, Maharashtra State, to verify up to what extent, the actual residential load consumption pattern, matches with the existing ToD slots of sample utility. Maharashtra State Electricity Distribution Company Limited (MSEDCL) was considered as it is one of the old and major utility serving the Maharashtra. During this survey, it is found that in winter and rainy seasons, the residential load curve matches more than 90% with the existing ToD slots. Whereas, in the summer season, the match is very less. Hence, based on the actual survey data, this paper proposes new ToD slots for residential consumers.