The indexable insert of the present invention has a cutting edge at the end of a stick-shaped portion projecting from a tool base. The base is shaped to ensure effective clamping, thereby avoiding chatter and backlash. A cutting edge and a rake face are provided at the end of the stick-shaped portion, which is also provided with a side relief face so that chips cut from the workpiece are smoothly carried away. The cutting edge extends sideways beyond the side relief face so that the insert can effectively cut the walls of small and deep holes.