statement_timeout postgres
set statement_timeout to 60000; commit;
show statement_timeout;
//That setting is in milliseconds, so that'll set the timeout to 1 minute. .psqlrc isn't used with -c nor -X invocations of psql, so that should allow you to get your interactive-mode timeout to 1 minute.
//You can then execute the following in psql to verify that the configuration has taken effect: