Drill bit shank shaft and shank, is usually of the same diameter. It is held usually in a three-jaw drill chuck. Bits of diameter too small to grip firmly can have straight shanks of larger diameter than the drill, which can be held firmly in a standard size collet or chuck. Large drill bits can have straight shanks narrower than the drill diameter so that they can be fitted in chucks not able to chuck the full diameter. Such a drill bit is called a reduced-shank or blacksmith's drill. For example, this allows a bit to be used in a pistol-grip drill's chuck.
Drill bit itself handles the point deformity, as it is a low-wear task. The bit is hardened and coated against wear far more than the average drill bit, as the shank is non-consumable. Almost all indexable drill bits have multiple coolant channels for prolonged tool life under heavy usage. They are also readily available in odd configurations, such as straight flute, fast spiral, multiflute, and a variety of cutting face geometries. Typically indexable drill bits are used in holes that are no deeper than about 5 times the bit diameter. They are capable of quite high axial loads and cut very fast.