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Rinse the rice at least 2 to 3 times to remove all excess starch from it.
Soak the rinsed rice for about 30 minutes. This step is optional and if you are not soaking the rice, use 1 1/4 cup of water for every 1 cup of rice.
Start the instant pot in saute mode. Once it is hot, add oil and spices if you are using them. Now switch off the instant pot.
Drain water completely from the soaked rice and add it to the instant pot inner pot.
Add water, salt and close the instant pot with its lid.
Seal the vent and start the Instant pot again in manual or pressure mode. Set the timer for 5 minutes on high pressure and let it cook.
Once the Instant pot turns off, wait for 5 minutes and manually release the pressure. Do not wait for a natural pressure release. Rice will be overcooked if you leave it for more time.
Open the lid, take out the inner pot and fluff it up with a fork or wooden spoon.
Close the inner pot with a lid and keep it aside for about 5 to 10 minutes.
The flavorful and easy instant pot basmati rice is ready to serve with your favorite curry or dal.