You can go with @greenAfrican example, if it’s possible for you to rewrite your function. But if you don’t want to rewrite your function, you can wrap it into anonymous function inside apply, like this:
>>> def fxy(x, y):
... return x * y
>>> df['newcolumn'] = df.apply(lambda x: fxy(x['A'], x['B']), axis=1)
>>> df
A B newcolumn
0 10 20 200
1 20 30 600
2 30 10 300