Lab-on-chip devices employ EOF for transportation and mixing of liquids. However, when a steady (DC) electric field is applied to the liquids, there are undesirable effects such as degradation of sample, electrolysis, bubble formation, etc. due to large magnitude of electric potential required to generate the flow. These effects can be averted by using a time-periodic or AC electric field. Transport and mixing of nonconductive liquids remain a problem even with this technique. In the present study, a two-liquid system bounded by two rigid plates, which act as substrates, is considered. The potential distribution is derived by assuming a Boltzmann charge distribution and using the Debye-Huckel linearization. Analytical solution of this time-periodic system shows some effects of viscosity ratio and permittivity ratio on the velocity profile. Interfacial electrostatics is also found to play a significant role in deciding velocity gradients at the interface. High frequency of the applied electric field is observed to generate an approximately static velocity profile away from the Electric Double Layer (EDL).