A tool shank has a head receiving pocket at a forward end, and a plurality of chip flutes extending rearwardly therefrom along a longitudinal axis. The head receiving pocket has a support surface transverse to the longitudinal axis. A central recess is formed in the support surface and extends rearwardly therefrom. The central recess has a plurality of resiliently displaceable abutment portions circumferentially alternating with and spaced apart by a plurality of intermediate portions. Each abutment portion has a radially inward facing abutment surface, and each intermediate portion has an intermediate surface intersecting two circumferentially adjacent abutment surfaces. A rotary cutting tool includes the shank and a cutting head releasably mounted thereto. The cutting head has a mounting portion provided with a base surface and an engagement member protruding therefrom. In an assembled position, the engagement member is resiliently retained in the central recess against the plurality of abutment surfaces.