Is investing into fixed deposits enough?

You can take a look at low-risk alternatives like Singapore Government Bonds or T-Bills. You can also read this article to find out more.

Think sufficient

If you are looking at a BTO of ~$400k range, it should be pretty doable with an income of $3k+, after working for a couple of years.

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To ease your anxiety, we should break it down into 2 parts:

1. HDB loan - this is hardly a concern for your income and the price of the BTO you are targeting since it's all CPF-payable/deductible. If you are looking at a 3-4 years to-be-ready BTO, you would have sufficient funds in your OA account by then. And so long you are employed, you can easily service the loan.
2. Renovation loan - this should be the one that you should be planning for as it requires cold hard cash (unless you wanna take a loan with high interest rates too). Anything between $60-100k should be prepared for this given that there will be inflation creeping in within the next few years too.

Therefore, at $30k savings now, with a 20% savings rate for an assumed $9k combined income, you can easily save up into the $80k range even with $0 now if you have a 4 years run way - that's assuming you don't even invest your cash.

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For low risk investments, definitely consider the Tbills and SSBs, or even just a simple savings account like UOB One or OCBC 360 to bring in some additional interest monthly.

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Save up, you will be fine :)

I think we all want to beat inflation and earn better return on our money. It is difficult to say if FD is enough or not since we need to consider your lifestyle. Just to highlight, FD interest rate is starting to go down.