The drill bit comprises a cutting blade formed at one end of a shank. The cutting blade has a pair of cutting shoulders that extend inwardly from the outer sides of the blade toward the bit axis. A tip having converging sides that create a point extends from the shoulders. The cutting edge of each shoulder is beveled with respect to the plane of the face of the blade. A flute is provided on the leading portion of each blade face adjacent the cutting edges. Each flute is a smooth curve that creates a substantially uninterrupted recess on each face of the blade that facilitates chip removal, increases the drill rate and lowers the power required to drill a hole. A non-stick coating may be applied to the blade to further facilitate chip removal.