Lead-free compound $(Na_{0.5}Bi_{0.5})(Zr_{0.75}Ti_{0.25})O_3$ was prepared using conventional ceramic technique at $1070^{circ}C$/4h in air atmosphere. X-ray diffraction analysis showed the formation of single-phase orthorhombic structure. Permittivity data showed low temperature coefficient of capacitance ($T_{CC}{approx}5%$) up to $100^{circ}C$. Complex impedance studies indicated the presence of grain boundary effect, non-Debye type dielectric relaxation and evidences of a negative temperature coefficient of resistance. The ac conductivity data were used to evaluate the density of states at Fermi level and apparent activation energy of the compound.