In this work we present the results of the investigation on the structural, dielectric, ferroelectric, and magnetic properties of Bi4.15Nd0.85Ti3Fe0.5Co0.5O15 (BNTFCO) ceramics. BNTFCO compounds were prepared by mechanical activation followed by heat treatments. The formation of the Aurivillius structure was confirmed by XRD. The unit cell was found to be orthorhombic with cell parameters a = 3.7996 Å, b = 3.6263 Å, c = 2.7217 Å and α = β = γ = 90°. The magnetic measurements at room temperature showed well-behaved and saturated M-H hysteresis loop, typical of ferromagnetic behavior. On the other hand, the room temperature P-E hysteresis loop, although well-behaved, is not well saturated. Even though the sample clearly has ferroelectric property, this is poor in spite of Nd substitution. However, the M-H and P-E hysteresis loops, confirm that BNTFCO compounds is a RT single phase multiferroic.