Bi0.95Tb0.05Fe0.95Co0.05O3 (BTFCO) nanoparticles (NPs) have been prepared using a chemical sol-gel method and characterized by x-ray diffraction (XRD), dielectric and magnetodielectric measurements. XRD pattern of the prepared sample shows all crystal planes of BiFeO3 (BFO) confirming successful preparation of the desired NPs. Frequency dependent dielectric constant (ϵr) curves exhibit an enhancement of cr in the BTFCO NPs in comparison with the pristine BFO sample. Frequency dependent imaginary part of electric modulus curves exhibit a peak denoting presence of a relaxation process and activation energy obtained from Arrhenious fitting is found to be 0.34 eV. Variation of magnetocapacitance in presence of magnetic field is stronger in BTFCO in comparison with the pristine BFO and it is a signature of increased magnetoelectric effect in the doped BFO. © 2017 Author(s).