Soak the basmati rice in cold water for 15-30 minutes. Drain, rinse and set aside.
Press the sauté button and allow the pot to heat up for a minute. Then add the oil and swirl it around the pot. This will help ensure that the rice doesn’t stick. Add the rice, water and salt to the pot and mix well.
Secure the lid, close the pressure valve and cook for 22 minutes at high pressure (see notes for quick cooking basmati rice).
Naturally release pressure for 10 minutes. Open the valve to release any remaining pressure.
Fluff the rice with a fork and serve.