Firstly, Press Saute on Instant Pot. Heat oil (or butter), and add bay leaf, cinnamon stick, cardamom, and cloves. Saute for a few seconds (till aromatic).
Add onions and saute till the onions turn soft.
Next, add rinsed basmati rice, turmeric, and salt. Toast the rice for 30 seconds (till aromatic). This step helps your rice cook up into separate grains and is more flavorful. This step is optional.
Then add vegetable broth (or water) and mix everything well.
Close the Instant Pot with the pressure valve to Sealing. Cook on High Pressure for 4 minutes.Once the pot beeps, Do a Natural Pressure Release (NPR). Lastly, remove the lid away from you, and garnish with fresh cilantro/coriander leaves.
Restaurant Style Perfect Yellow Rice is ready. Serve with raita, lentils, or any curry.