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In the flash memory.
it can be find on Flash or TFTP server that can b defined to the router during DHCP process or using auto-configuration. some routers have mini IOS on the ROM.
its saved on device RAM when router is powered on its automatically run from RAM its called startup configuration, and the running configuartion after saving its going to save into NVRAM.
rightly said flash memory Hasan Khabbazeh
IOS are saved in flash memory. Show flash is the command to get the items displayed which are saved in flash.