Preheat the oil in a deep fryer or medium-sized saucepan to 375℉.
Cut the onions: Cut the onions into ¼ inch-½-inch rounds. Separate the onion rings, keeping only the larger outer rings.
Coat in flour mixture: Combine the flour, baking powder, salt, black pepper, garlic powder, and cayenne pepper in a medium-sized bowl. Coat each onion ring in the flour mixture and set aside until all the onion rings have been lightly coated in the flour mixture.
Dip in wet batter: After all the onion rings have been coated in the flour mixture, mix in the eggs and buttermilk with the remaining flour. Beat the mixture well with a whisk until all the ingredients have been combined and no lumps remain in the wet batter. Dip each onion ring into the batter and shake off as much of the excess as possible.
Coat with bread crumbs: Pour the panko bread crumbs into a separate bowl or shallow tray. Place each onion ring into the panko bread crumbs. Coat evenly all around. Use more bread crumbs as needed.
Deep fry in oil: Deep fry the onion rings in the oil for 3 to 4 minutes, flipping halfway or when they start to turn golden brown. To ensure even cooking, fry only a few onion rings at a time. When the onion rings look golden brown on all sides, remove them from the hot oil and place them on a wire rack to drain the excess oil. Season with more salt, if desired.