PRICING SUPPLEMENT NUMBER 10                              Filed Under Rule
(To Prospectus dated November 28, 1995)               424(b)(2) and 424(c)
CUSIP 71345L DY-1                                        File No. 33-64243

                              PepsiCo, Inc.

         Callable Fixed Rate Debt Securities Due October 25, 2011
                      Interest Payable Semiannually

Underwriter:                 Bear, Stearns & Co. Inc.

Initial Offering Price:      100.00%.

Underwriter's Discount:      0%

Currency:                    U. S. Dollars

Date of Issue:               October 25, 1996

Issuance form:               Book entry

Scheduled Maturity Date:     October 25, 2011

Interest Rate:               October 25, 1996 - October 24, 1998      8.00%
                             October 25, 1998 - October  24,  2011    7.15%

Day count basis:             30/360

Interest Accrual Date:       October  25,  1996 or the  most  recent  date
                             for   which   interest   has  been   paid  or
                             provided  for,  as the case may be.  Interest
                             will accrue from each  Interest  Accrual Date
                             to  but   excluding   the   next   succeeding
                             Interest Payment Date.

Interest Payment Dates:      Semiannually  on the  25th  of  each  October
                             and April,  commencing  April 25,  1997,  and
                             ending on the  Scheduled  Maturity Date or an
                             earlier Optional Redemption Date.

Principal Payment Date:      Scheduled   Maturity   Date,  or  an  earlier
                             Optional Redemption Date.

Business Days:               New York

Calculation Agent:           PepsiCo, Inc.

Optional Redemption Dates:   The Callable  Fixed Rate Debt  Securities Due
                             October  25,  2011,   (the  " Notes")  may  be
                             redeemed,  in whole  but not in part,  at the
                             option of PepsiCo,  at 100% of the  principal
                             amount  thereof,  plus  accrued  interest  to
                             the date of such  redemption,  on October 25,
                             1998  and  semiannually  thereafter  on  each
                             October  25th and  April  25th,  upon 15 days
                             written  notice  by  PepsiCo  to the  Trustee
                             under  the  Indenture  dated  as of  December
                             14,  1994 for the  benefit of the  holders of
                             such Notes.

Option to elect prepayment:    None

Sinking fund:                  Not applicable

Settlement Date:             October 25, 1996

The  Notes  will be  purchased  by the  Underwriter  at  100.00%  of their
principal  amount,  and will be offered to the public at varying prices to
be determined  by the  Underwriter  based on  prevailing  market prices at
the time of sale.

For U.S.  federal income tax purposes,  the Notes will be treated as Fixed
Rate Debt  Securities,  issued  without OID. This  treatment is consistent
with the  applicable  provisions of the Internal  Revenue Code of 1986, as
amended,  and the final OID  regulations,  which are  generally  effective
for debt instruments issued on or after April 4, 1994.


                         Bear, Stearns & Co. Inc.
October 15, 1996