A cutting tool includes a tool body having a peripherally disposed outer insert receiving pocket and an interiorly disposed inner insert receiving pocket with a cutting insert resiliently clamped therein. The tool body includes a through recess at least partially circumferentially bounded by a recess circumferential surface. A resilient clamping member extends into the through recess. The inner insert receiving pocket is formed by the resilient clamping member and a recess pocket portion of the recess circumferential surface. A chamfering cutting insert may be retained by the resilient clamping member, without the use of an additional, separate clamping device.