Press SAUTE on Instant Pot. Add oil, and once it's hot, add cinnamon stick, cardamom, cloves, and bay leaf.
Add potatoes and saute them for 2 minutes till they turn light golden brown.
Then add sliced onions, green chilies, ginger-garlic paste. Saute for 2-3 minutes until they turn light brown -stir regularly.
Add tomato and cook for 2 minutes till tomatoes turn mushy.
Then add curd (yogurt), mint, coriander leaves, biryani masala powder, turmeric powder, and cook for another minute.
Add rinsed basmati rice, water, salt, and give a stir.
Close the Instant Pot with pressure valve to Sealing. Cook on High Pressure for 5 minutes.
Once the pot beeps, Wait for NATURAL PRESSURE RELEASE (NPR).
Instant Pot Pressure Cooker Aloo or Potato Biryani is ready. Serve with Onion raita or plain yogurt.