Neutron diffraction studies using powder samples have been used to understand the complex sequence of low temperature phase transitions of NaNbO3 in the temperature range from 12 K-350 K. Detailed Rietveld analysis of the diffraction data reveal that the antiferroelectric to ferroelectric phase transition occurs on cooling around 73 K while the reverse ferroelectric to antiferroelectric transition occurs on heating at 245 K. However, the former transformation is not complete till down to 12 K and there is unambiguous evidence for the presence of the ferroelectric R3c phase coexisting with an antiferroelectic phase (Pbcm) over a wide range of temperatures. The coexisting phases and reported anomalous smearing of the dielectric response akin to dipole glasses and relaxors observed in the same temperature range are consistent with competing ferroelectric and antiferroelectric interactions in NaNbO3. We have carried out theoretical lattice dynamical calculations which reveal that the free energies of the antiferroelectric Pbcm and ferroelectric R3c phases are nearly identical over a wide range of temperature. The small energy difference between the two phases is of interest as it explains the observed coexistence of these phases over a wide range of temperature. The computed double well depths and energy barriers from paraelectric Pm m to antiferroelectric Pbcm and ferroelectric R3c phases in NaNbO3 are also quite similar, although the ferroelectric R3c phase has a slightly lower energy.