Right
容 supplies the sound, róng unchanged.
容 originally pictured a roof
宀 covering
谷 (a valley containing things) for 'contain, hold inside'. Some readers sense a faint echo: the banyan with its broad spreading canopy contains an entire grove of shelter under one tree. Fuzhou (
福州) is nicknamed
榕城 'Banyan City' for the trees planted city-wide during the Song dynasty.