A rotary tool for chip removing machining, for example a milling cutter or a drill, includes a shaft, a holder, and a cutting part. The shaft has a conical seating arranged in its front end. The holder has a slightly conical recess, whose cross-sectional dimension decreases toward the open end of the recess. The cutting part has a slightly conical pin designed to be received in the recess and has a cross-sectional dimension which increases in the direction of the free end of the pin. The recess is formed by a wall which is elastically flexible in a radial direction. When the holder is drawn axially into the seating, the wall is flexed radially inwardly, causing the conical surface of the recess to tightly grip the conical surface of the pin and create an interference fit of the pin in the recess.