Tax saver mutual funds schemes are facing outflows for first four consecutive months in FY 2012-2013.

According to monthly data captured by Association of Mutual Funds in India (AMFI), tax saver mutual fund schemes, technically known as equity linked saving schemes, have seen an outflow of Rs 491 crore in the current financial year.

Highest outflow in current financial year was seen in April 2012 to the tune of Rs 160 crore followed by Rs 145 crore in July 2012.

A point to note is this funds' category saw an inflow of Rs 267 crore in March 2012, owing to last minute investments made by individuals to save tax under section 80C of the income tax act.

"Outflows from these schemes are due to weak performance of equity markets as a whole over last few years and the investors' mindset to redeem once the 'lock in' of the units under ELSS schemes gets over," points out AbhinavAngirish, managing director, investonline.in, an online mutual fund distribution entity.

Most investors invest in these schemes in March to save tax and after three years, rush to withdraw their money in April. "Investors should look beyond the tax saving benefit offered by these schemes and remain invested in the fund till the fund performs well," adds AbhinavAngirish.