Start by rinsing the rice under cold water and strain.
Add rice to the Instant Pot, followed by milk, water, spices, and salt.
Stir to combine the ingredients, and cover with the lid and seal. Pressure cook on manual/high heat for 20 minutes.
Do a natural release for 10 minutes, then open vent and let the steam come out. Open the lid, stir in the condensed milk. Mix well until combined and creamy and serve.