Wash the white basmati rice and transfer it to the pot.
Add water and milk also to the pot, stir the contents very well.
Close the instant pot with lid in sealing position.
Set the porridge mode of instant pot, the program will automatically start cooking soon for 20 minutes (once you set the mode to porridge, you will need to wait for another few moments so the program will start automatically).
After 20 minutes of cooking, the instant pot will beep which means its done. However make sure not to open the instant pot at this point. Press the keep warm setting and wait for another 10 minutes so the steam will naturally release. Once the steam is naturally released and the instant pot is ready to be opened you can see the vent has gone down, which will be up while there is still pressure inside the pot. So make sure to see the vent is down after 10 minutes of waiting to release the steam naturally.
Once you have made sure the instant pot is ready to be opened, turn the lid to venting position and open the pot.
Add the sweetened condensed milk to the pot and stir the contents very well (you may sprinkle a little cinnamon powder also if you wish).
Serve the creamy, rich and delicious rice pudding for a wonderful dessert, you may also serve it after chilling.