The Blues keeper was dismissed far handling the ball outside the box a minute before the half time interval at Fratton Park on Easter Monday.
The red card was Taylor's second sending off of the season, he was also dismissed at Old Trafford earlier this season, and as FA rules have it a player dismissed from the field of play for a second time in the same season, in addition to the automatic suspension applicable to the offence, will be suspended for one extra match.
The ban comes into effect 14 days after the fixture in which the sending off occurred so the Blues number one will be forced to sit-out the games against Arsenal at Highbury on May 1st and the final home game of the season against Liverpool on May 8th.