1. Letter: This is the most common meaning of "aksharam". It refers to a single character in the Malayalam alphabet, similar to how we use the word "letter" in English.
2. Syllable: While not as common as the first meaning, "aksharam" can also refer to a syllable, which is a unit of pronunciation consisting of one or more letters.
3. Word: In a broader sense, "aksharam" can also be used to mean "word" as a whole unit of meaning. However, this usage is less frequent.
Therefore, the best translation of "aksharam" depends on the context of the sentence or phrase it is used in.