The stability of a horizontal interface between two viscous fluids, one of which is conducting and the other is dielectric, acted upon by a vertical time-periodic electric field is considered theoretically. The two fluids are bounded by electrodes separated by a finite distance. For an applied ac electric field, the unstable interface deforms in a time periodic manner, owing to the time dependent Maxwell stress, and is characterized by the oscillation frequency which may or may not be the same as the frequency of the ac electric field. The stability curve, which relates the critical voltage, manifested through the Mason number—the ratio of normal electric stress and viscous stress, and the instability wavenumber at the onset of the instability, is obtained by means of the Floquet theory for a general arbitrary time periodic electric field. The limit of vanishing viscosities is shown to be in excellent agreement with the marginal stability curves predicted by means of a Mathieu equation. The influence of finite viscosity and electrode separation is discussed in relation to the ideal case of inviscid fluids. The methodology to obtain the marginal stability curves developed here is applicable to any arbitrary but time periodic signal, as demonstrated for the case of a signal with two different frequencies, and four different frequencies with a dc offset. The mode coupling in the interfacial normal stress leads to appearance of harmonic and subharmonic modes, characterized by the frequency of the oscillating interface at an integral or half-integral multiple of the applied frequency, respectively. This is in contrast to the application of a voltage with a single frequency which always leads to a harmonic mode oscillation of the interface. Whether a harmonic or subharmonic mode is the most unstable one depends on details of the excitation signal.